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In the News

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Number of BDs, Reps Drops for Second Straight Year, New FINRA Report Says

00:12 15 August in In the News by rafferty

August 09, 2018 By Melanie Waddell, ThinkAdvisor Small BDs "struggle with keeping up with burdensome FINRA requirements," recruiter Jon Henschen said. The number of broker-dealers and registered representatives continues to decline, with firms registered with the Financial Industry Regulatory Authority dropping to 3,726 in 2017 from 3,835 in 2016. The number of registered reps fell last year as well, dropping to 630,132 in 2017 from 635,902 in 2016. That’s according to the broker-dealer regulator’s just-released 2018 Industry Snapshot, a first annual statistical report on the brokerage firms, registered individuals and market activity that FINRA regulates. FINRA states that it is sharing the statistical overview as part of fulfilling transparency goals under the FINRA360 initiative. Data ranges from the size and geographic distribution of the firms FINRA regulates to the number of individuals in the industry, along with...

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When Will Wells Fargo’s Scandals End?

17:09 06 August in In the News by rafferty

July 30, 2018 By Janet Levaux, Investment Advisor magazine As the bad news and advisor departures continue, experts debate Wells Fargo's future and what the wealth industry can learn from its scandals. July 13, 2018, was a bad day for Wells Fargo. Its second-quarter earnings and revenues missed analysts’ expectations, loans and deposits dropped over the past year, and its stock price fell 1.2%. Meanwhile, net income at the Wealth and Investment Management unit sank 37%. The bank revealed that it has set aside $114 million for refunds to wealth clients tied to “incorrect fees being applied to certain assets and accounts … during the past seven years,” according to CFO John Shrewsberry. During a call with equity analysts, he explained that the third-party review of its client accounts continues “to determine the extent...

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FINRA Board OKs E-Signature, Custodian Proposals

18:43 26 July in In the News by rafferty

July 25, 2018 By Melanie Waddell, ThinkAdvisor The e-signature approval "reflects just how behind the times FINRA is” on technology, recruiter Jon Henschen says. The Financial Industry Regulatory Authority approved at its July board meeting rule proposals to expand the categories of persons allowed to act as custodians of the books and records of firms leaving the business, as well as the use of electronic signatures in authorizing the use of discretion in a customer’s account. The planned use of electronic signatures is a long time coming. The board met last week in Washington, and FINRA announced the board meeting results on Wednesday. FINRA CEO Robert Cook said in a video update that the board also reviewed “some possible changes” to the broker-dealer self-regulator’s examination program structure. Bari Havlik, FINRA’s exam chief, stated in the video message...