One Step at a Time: An Open Letter to the Institute for the Fiduciary Standard
The Institute for the Fiduciary Standard called for public and industry comment in a January white paper outlining 11 best practices for advisors and brokers who provide advice to clients. What follows is an open comment letter that I sent to the Institute in March
Fidelity Merges Clearing and Custody Arms; Launches Tech Unit
In a move five years in the making, Fidelity is combining its RIA custodian and broker-dealer clearing units, it announced in March. It has also created a new technology operation, Fidelity Wealth Technologies, that will include the recently acquired eMoney Advisor.
Wells Adds 5 Reps as Raymond James Grabs One of Its FAs
In other news, U.S. Trust shares the names of its latest recruits, and two divorce-focused groups merge.
Women’s Networks Boost Profits: FWA
Successful women’s internal networks help their firms engage female clients and close business deals, a survey by the Financial Women's Association found.
Cetera Names Head of Advisor Growth Efforts
Brett Harrison will take on the new job and remain leader of one of Cetera's 11 broker-dealers.
LPL Adds $2B RIA to Custody Platform
Center for Wealth Planning has used the firm’s corporate RIA and broker-dealer for 10 years.
FINRA Slaps 3 BDs for Consolidated Reporting Failures
Inadequate reporting controls raise risk that "unscrupulous representatives will provide inaccurate and misleading reports to their clients to conceal fraud and theft,” says FINRA's Bennett.
TD Ameritrade Taps Bank CFO to Replace Gerber
Steve Boyle, who has worked for the firm’s affiliate since 1997, will take over in October.
BD Execs: Clients Too Conservative, Putting Themselves at Risk
Panel led by Cetera CEO Larry Roth says investors are running scared, annuities are misunderstood and the industry is ready for a "Napster moment."
Royal Alliance Adds $600M Group With 33 Reps
Also, Securities America welcomes back a $100 million team from LPL Financial.