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Author: rafferty

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Cetera CEO Valerie Brown Steps Down; Larry Roth to Run RCAP’s IBD Group

16:46 13 May in In the News by rafferty

May 13, 2014 by Janet Levaux, ThinkAdvisor The moves come less than a year after Roth left the AIG-owned Advisor Group to join RCS Capital, which recently acquired Cetera Nicholas Schorsch and RCS Capital Corp. (RCAP) have reshuffled the leadership of the group’s advice platform and its roughly 9,000 independent reps. Larry Roth, who moved to RCS from the AIG-owned Advisor Group less than a year ago, will now be CEO of its independent broker-dealer operations, RCAP said early Tuesday. The IBD business incudes First Allied Securities and the four Cetera Financial Group broker/dealers, which have already been bought, in addition to Investors Capital, Summit Brokerage Services and J.P. Turner & Co., which are in the process of being acquired by RCAP. CEO Valerie Brown of Cetera Financial is leaving the company, RCAP says. "Over...

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Sterne Agee Group in deal to acquire midsize independent broker-dealer WRP Investments

16:04 17 April in In the News by rafferty

April 10, 2014 By Bruce Kelly, Investment News B-D M&A rages on as Sterne Agee grabs WRP Broker-dealer mergers and acquisitions continue to sizzle as Sterne Agee Group Inc. Thursday is expected to announce the purchase of a midsize independent broker-dealer, WRP Investments Inc. David Pintaric, president and second-generation owner of WRP, confirmed the firm's sale, terms of which haven't been released, he said. “This is a marriage made in heaven,” Mr. Pintaric said. “Companies have been calling me for 11 years” to inquire about buying the firm, he said, but he waited until now. WRP has 350 affiliated registered representatives and advisers, and produced $48 million in gross revenue last year, Mr. Pintaric said. It is based in Youngstown, Ohio. Sterne Agee is based in Birmingham, Ala. “We are a family-oriented company,” Mr. Pintaric said. “Sterne Agee is just like...

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The Small, Generalist Broker-Dealer: R.I.P.?

16:29 10 April in Articles Written by Jon Henschen by rafferty

by Jon Henschen April 10, 2014, as featured on ThinkAdvisor On July 18,  the House Committee on Oversight and Government Reform held a hearing regarding “Regulatory Burdens: The Impact of Dodd Frank on Community Banks.” In her testimony, Wake Forest University Professor Tanya Marsh discussed how “Dodd-Frank builds on decades of ‘one-size-fits-all’ regulation of financial institutions, an ill-conceived regulatory framework that puts community banks at a competitive disadvantage to their larger, more complex competitors.” In her testimony, Marsh argued that “The imposition of regulatory burdens on community banks without attendant benefits ultimately harms both consumers and the economy by: 1) forcing community banks to consolidate or go out of business, furthering the concentration of assets in a small number of mega-financial institutions, and 2) encouraging standardization of financial products, leaving millions of vulnerable borrowers...