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In the News

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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...

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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...

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Former Investors Cap CEO Resurfaces After a Costly Lesson

16:25 09 January in In the News by rafferty

January 6, 2017 By Janet Levaux, ThinkAdvisor The prior head of Investors Capital is relaunching his career after apparently losing money in the deal with RCS Capital Investors Capital CEO Tim Murphy is now working for a hybrid RIA affiliated with his former rival LPL Financial. Murphy, who was with Investors Cap since 1994, led the independent broker-dealer through its $52.5 million merger with troubled RCS Capital (RCAP), which later emerged from bankruptcy as Cetera Financial Group. Cetera later chose to close Investors Cap and move some its registered reps to Cetera Advisors. According to several industry sources, Murphy and other Investors Capital stakeholders accepted a large amount of stock in RCAP — 84% of the purchase price — as part of the deal, which hurt them financially. Summit Brokerage Services, led by Marshall Leeds, struck a deal...