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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.

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ThinkAdvisor

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,

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Fundfire a Financial Times Service

LPL CEO Change Undermines Sale Rumors: Citi Analyst

16:27 06 December in In the News by rafferty

December 6, 2016

by Danielle Verbrugghe, FUNDfire

 

LPL Financial’s longtime CEO Mark Casady is set to retire early next year. The firm’s current president will replace him.

Casady will retire from the CEO role effective January 3, 2017, according to an announcement from the firm. Dan Arnold, the current president of LPL, will become president and CEO at that time, and will join the board of directors. Casady will continue as non-executive chair of the board until March 3, 2017.

The leadership change comes as LPL Financial is preparing to help its advisors comply with the new Department of Labor (DOL) fiduciary rule for retirement advice, which is set to take effect in April 2017. LPL was reported to be considering a sale,

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