Independent BDs

The IBD completed a stellar recruiting year by adding a team led by a 30-year veteran advisor.

The firm’s use of third-party compliance vendors came under scrutiny after an ex-rep pleaded guilty to bilking clients out of $5 million.

SEC cases that go beyond faulting firms for their failure to disclose conflicts of interest have drawn pushback from the industry.

The wealth manager whose parent firm also owns an insurer and asset manager settled its third case involving the same time period.

The allegations involving 12b-1 fees, cash sweeps and commissions also include violations of best execution rules.

Despite pledges, the IBD network didn’t collect enough data for suitability reviews of the outside transaction for more than five years, according to the regulator.

LPL Financial and indie rivals like Raymond James, Wells Fargo FiNet and Kestra Financial completed at least 17 recruiting grabs of $800 million or more this year.

It’s one of the largest teams to quit a wirehouse this year.

Regulatory shifts, M&A, new technology — there’s a lot on the horizon for the industry.

The OSJ scooped up teams from Edward Jones, Wells Fargo Advisors and Wedbush Securities.