Independent BDs

The No. 1 IBD is keeping up the recruiting momentum that’s sustaining record headcounts and billion-dollar moves.

The move represents the third largest out of the IBD channel in 2020, according to company recruiting announcements tracked by Financial Planning.

Genstar Capital Managing Partner Tony Salewski spoke openly with advisors about the firm’s investment strategy for the IBD network.

The regulator would generate an additional $225 million per year from the fee increases.

The No. 1 IBD’s 2,500-advisor bank channel will add 285 more reps when two massive investment programs affiliate next year.

The advisor allegedly carried out a 20-year scheme defrauding at least 15 clients through forgery and misrepresentations.

The advisor allegedly used an omnibus trading account to help himself and hurt his clients to the tune of tens of thousands of dollars, according to the regulator.

Demand from clients has some advisors reconsidering sustainable investing strategies.

The discrimination case revolves around allegations of disparate treatment in the firm’s agency distribution channels.

The firm is maintaining control but dropping its FINRA registration as the sector’s rising expenses and lower margins fuel consolidation.

Actions hit a nine-year high and restitution climbed to the highest total since 2013 — even before the rule’s heightened scrutiny.

Bleakley Financial Group also picked up an ex-hedge fund portfolio manager while expanding its national footprint.

The number is behind previous years, but the firm’s new head of business development says independence is more appealing amid the coronavirus.

Choosing their own technology for clients was a big draw for the advisors, who affiliated with Kestra.

The No. 1 IBD has completed three of the sector’s 10 largest recruiting moves of the year.

The majority of job cuts are in corporate departments, with little impact to advisors or client service roles, the firm says.

The broker hasn't been registered in over a decade, and was using clients’ usernames and passwords to make trades in their self-directed brokerage accounts, according to the regulator.

Some of the recently acquired advisors will open branch offices for the growing BD.

The firm’s National Financial Services allegedly failed to deliver certain basic information to clients in five public offerings of shares in a fuel cell technology company.

The advisor sold securities out of one account to buy a Camaro ZL1 — then resold the car to the same victim, the regulator alleges.