Articles / Resources

FINRA: Broker numbers up for first time in years

12:56 08 May in In the News by rafferty

May 4, 2023 By Dan Shaw, Financial Planning   The number of people joining the brokerage industry increased for the first time in several years in 2022, driven by wealth managers joining both pure-play broker-dealer firms and hybrid outfits with an advisory arm. That's according to the Financial Industry Regulatory Authority's latest industry snapshot, released on Thursday. The number of registered representatives at brokerages rose to 620,882 in 2022, up from 612,435 the previous year. Although that was only a modest 1% increase and the 2022 total came in below the 629,475 registered reps recorded in 2018, it still marked the first time the figure had climbed in at least the five previous years. Increases were seen in both the number of firms registered solely with FINRA, the broker-dealer industry's self-regulator, and so-called hybrid outfits with advisory arms...

Ex-Cetera branch manager wins $500K over breakdown of M&A deal

22:48 02 May in In the News by rafferty

April 28, 2023 By Tobias Salinger, Financial Planning Nearly seven years after a Cetera Financial Group branch's succession plan fell apart, FINRA arbitrators held its regional directors liable for damages of more than a half a million dollars. Betsy Jo Merritt won an award of $512,500 in compensatory damages from Janice G. and John D. Cartwright of Long Beach, California-based CLG Wealth Management after accusing the Cetera Advisor Networks regional directors of tortious interference with contract, breach of fiduciary duty, fraud, negligence and state business laws.  Financial Planning obtained the arbitration filing alleging that an agreement for Merritt to sell her branch, also known as an office of supervisory jurisdiction, to a then-Cetera financial advisor named Joseph E. Singleton for $2.1 million was undercut when the Cartwrights recruited two advisors from Merritt's group to their own firm....

Texas Trio Launches RIA With ‘Precedent’-Setting Profit-Sharing Program

13:41 28 April in In the News by rafferty

April 26, 2023 By Ali Hibbs, WealthManagement.com Firm namesakes have left Linscomb & Williams to start an 'aspirational RIA that shares profits with clients.   Brothers Harold Williams and George Williams, along with Harold’s son Grant Williams, announced the launch of their new registered independent advisory firm on the Dynasty Financial Partners platform on Wednesday. The five-person team previously managed more than $1 billion in assets at Linscomb & Williams, a $4.3 billion AUM Houston-based wealth management firm where Harold was chairman and George was serving as executive vice president. Both were with the firm from the beginning, while Grant Williams joined as a business development manager almost five years ago. President Phillip Hamman took over as CEO from Harold Williams last August, said a spokesperson, and G. Walter Christopherson has been named the firm’s new vice...

Boston B/D Cantella Shutters, Joins Cambridge as Super OSJ

13:21 28 April in In the News by rafferty

April 26, 2023 By Diana Britton, WealthManagement.com Cantella recently shuttered its 65-year-old broker/dealer; its 105 advisors, and some $5 billion in assets, have moved to Cambridge. Longtime Boston-based independent broker/dealer Cantella & Co. has withdrawn its broker/dealer and RIA registrations and converted into a super office of supervisory jurisdiction (OSJ) with Cambridge Investment Research. Cambridge brought over 105 Cantella advisors in December 2022, representing approximately $5 billion in assets under management. The Cantella brand and leadership team, which includes CEO and CIO Jay Lanstein, President and Chief Revenue Officer Jennie Devlin, CFO and Director of Trading Bill McEvoy, and Chief Risk Officer and CCO Sheelagh Howett, remain—only now with a Cambridge broker/dealer affiliation and under its corporate RIA. Jeff Vivacqua, president of growth and development at Cambridge, said Cantella made the move because the firm's executives didn’t...