Author: rafferty

Dan Arnold, LPL’s new CEO, to be in the spotlight during earnings call

19:10 09 February in In the News by rafferty

February 8, 2017 By Bruce Kelly, Investment News After a tough first month on the job, Mr. Arnold will need to be in "damage control mode" as he faces analysts and investors for the first time, according to an industry recruiter It's been a tough first month on the job for Dan Arnold as the CEO of LPL Financial. First, two huge groups of brokers controlling billions of dollars in client assets, including star adviser Ron Carson, in January left the firm. Next, Secretary of the Commonwealth of Massachusetts William Galvin, long a thorn in LPL's side, whacked the firm last month with an order to pay up to $3.7 million in restitution and fines to investors as the result of an investigation into sales of unsuitable variable annuities by a former top-producing rep based in Boston. LPL Financial...

Ron Carson Completes Move From LPL to Cetera

16:48 20 January in In the News by rafferty

January 19, 2017 By Janet Levaux, ThinkAdvisor The wealth management group has over $6.5 billion in assets on its RIA platform and other operations Carson Wealth Management has switched broker-dealers, two months after news leaked that the team was making the move. Led by Ron Carson, the group has been affiliated with LPL Financial since 1989. Its website now says it trades securities through Cetera Advisor Networks and has 13 wealth advisors. Carson Wealth had $2.6 billion of assets with LPL, $1 billion on its advisory platform and $1.6 billion on its brokerage platform, as of Oct. 31; according to Forbes, the advisor and affiliated organizations work with $6.6 million in total assets. Cetera Financial Group is currently lead by Robert Moore, who was president of LPL Financial from May 2012 to March 2015. In March...

Wells Fargo Advisors Wins $23M in Baird Raiding Case

18:49 18 January in In the News by rafferty

By Janet Levaux, January 17, 2017 ThinkAdvisor A Financial Industry Regulatory Authority panel says Baird must pay Wells Fargo Advisors over $23 million for alleged “raiding” of staff at a branch office in Wichita, Kansas. FINRA arbitrators said Friday that Wells Fargo is responsible for nearly $11 million in compensatory damages, some $11 million in punitive damages, and about $1.5 million in costs. It denied Baird’s counterclaim. In addition, several Baird employees are required to pay the firm the following damages plus interest: Donald Barry, about $543,000; Jill Docking, close to $181,00; Brian Docking, roughly $161,000; and Kevin McWhorter, about $115,000. “We strongly disagree with what is asserted in this situation and with the findings, and are extremely disappointed in the size of the award,” said Baird spokesperson John Rumpf in a statement. Wells Fargo...