LPL Misses Earnings Estimates as Profits Sink 45%
Revenue for Q4 drops 8% to $1.02 billion for the independent broker-dealer.
Morgan Stanley Settles Mortgage Case for $3.2 Billion
The settlement addresses misconduct that contributed to the 2008 financial crisis, New York Attorney General Eric Schneiderman says.
Recruiting Roundup: LPL, Stratos Wealth Attract $200M Teams
Two advisors leave Wells Fargo to join the Scottsdale office of Stratos, a growing hybrid RIA.
Lisa Dolly Named CEO of Pershing; Lori Hardwick of Envestnet Replaces Her as COO
Pershing veteran Dolly succeeds Ron DeCicco, who will retire. She will be the first female CEO at Pershing.
AlphaSimplex Hires New Investment Committee Advisor
The firm, founded by MIT professor Andrew Lo, has hired former SSGA CIO Alistair Lowe as senior advisor to its investment committee.
Hedge Fund Attacks Texas REIT as ‘Ponzi-Like Scheme’
Hedge fund manager Kyle Bass is shorting the United Development Funding IV REIT, which was sold by RCS Capital.
How to Boost IRA Rollovers as DOL Fiduciary Rule Looms and Competition Grows
If advisors want to attract more rollover assets, they need to offer “more than just money management and asset allocation models,” says Janus' Matt Sommer.
Recruiting Roundup: RBC Adds $4M Team in New York
Meanwhile, Wells Fargo, Raymond James and LPL Financial announce their latest new advisors.
RCS Capital Files for Bankruptcy; Cetera to Use $50M for Retention
In court papers, Chief Restructuring Officer David Orlofsky said the company took on debt through “significant acquisitions” costing over $1 billion.
RCS Capital to File for Chapter 11 Bankruptcy on Sunday
Cetera CEO Larry Roth says the BD group will no longer be “burdened with legacy issues.”