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In the News

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FINRA Floats ‘Watered Down’ BrokerCheck, Broker Bonus Rules

16:36 29 May in In the News by rafferty

May 29, 2015 By Melanie Waddell, ThinkAdvisor   Self-regulator seeks comments, SEC approval on new plans The Financial Industry Regulatory Authority just released two “watered down” proposals — one that requires firms to have a link on their websites to BrokerCheck and another that would require firms to provide an “educational communication” to former clients when a broker switches firms. FINRA sent its proposed rule regarding BrokerCheck to the Securities and Exchange Commission for approval, while its Regulatory Notice 15-19 regarding recruitment compensation is out for public comment until July 13. FINRA's revised proposal on member websites would amend FINRA Rule 2210 (Communications with the Public) to require each of a member’s websites to include a “readily apparent reference” and hyperlink to BrokerCheck on the initial webpage that the member intends to be viewed by retail investors and any other...

LPL Pushes Upstream to Court HNW Clients

16:44 27 May in In the News by rafferty

May 27, 2015 By Danielle Verbrigghe, FUNDFfire  LPL Financial is arming its advisors to attract high-net-worth clients and hitting the road to promote its new private client program. LPL first started offering its new private client program, which includes consulting services, practice management, research and technology resources geared at helping advisors attract and serve high-net-worth clients, late last year to a selective group of advisors. Now the firm has opened the program up to its entire force of more than 14,000 advisors across its independent broker-dealer and registered investment advisor (RIA) channels. The firm has also stepped up efforts at promoting the new offering, hoping to drive growth in the high-net-worth segment. As part of its efforts, LPL is calling on its third-party asset management partners to play a role in helping educate advisors about tactics...

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Another Small B/D to Close Up Shop

16:30 27 May in In the News by rafferty

May 26, 2015 By Diana Britton, WealthManagement.com   After five years in business, David Kassir, owner and CEO of Falls Church, Va.-based broker/dealer Manna Capital Management, closed up shop this month. He then joined Wells Fargo Advisors Financial Network as an independent practice, bringing with him $77 million in assets. “There’s no way on Earth one or two people can run a broker/dealer and sustain in this environment and be profitable,” Kassir said. “Unless the regulations change, it’s a broken model and that we will continue to see ...