Author: rafferty

FINRA to Restructure BrokerCheck, Giving Investors More Power

16:42 02 March in In the News by rafferty

March 2, 2012 by Melanie Waddell and featured in AdvisorOne   Proposed changes include not only unifying BrokerCheck and the SEC’s IAPD system, but also divulging broker/advisor test scores Brokers and advisors take note: the Financial Industry Regulatory Authority (FINRA) plans to revamp BrokerCheck to not only make it easier for investors to track down information about their broker—including “unifying” the search capabilities for BrokerCheck and the SEC’s Investment Adviser Public Disclosure database—but to also expand the types of information investors can get about their broker. Until recently, FINRA noted that BrokerCheck was the only regulator that provided a comprehensive, online tool that enabled investors to check the backgrounds of financial service industry professionals. In 2010, the SEC expanded the IAPD database—which had previously only included information on investment advisor firms—to include information on investment advisor...

The Big Shrink: Independent Broker Dealer Report Card 2012

19:59 14 February in In the News by rafferty

February 1, 2012 by Diana Britton and featured in Registered Rep In our second IBD Report Card, we examine the grades advisors gave their firms, and offer a look at one major trend that will shape the indie landscape in the next few years: consolidation. Despite a tough market environment and a squeeze on profit margins, plenty of IBDs large and small are doing an excellent job of keeping their financial advisors happy, Registered Rep.'s 2012 Independent Broker/Dealer Report Card shows. Just look at the grades the firms at the top took home. (See page 42, “The Grades are In.”) But analysts and executives predict the landscape is going to change dramatically in the next three years as the buying and selling of firms accelerates. 2011 was a busy year for deal-making and offered...

More wirehouse brokers expected to bolt this year

17:10 08 February in In the News by rafferty

January 22, 2012 by Dan Jamieson and featured in Investment News Greener grass, expiring deals, calmer market will open gates More brokers should shift to the independent RIA channel this year as markets stabilize and retention deals wind down. That's the prediction of custodians, for whom last year was a mixed bag as flat but volatile markets made it difficult for many advisers to make major career changes. Schwab Advisor Services welcomed about the same number of breakaway brokers as it did in 2010, bringing in 166 teams. Breakaway assets fell slightly to $12.1 billion, from $12.6 billion the year before. “Movement seemed to slow in the fourth quarter,” compared with the prior nine months, said Tim Oden, senior managing director of business development. He thinks that more movement will happen this year. THE WAIT AT WIREHOUSES Advisers seem...