Not only there are concerns about senior investors, there are also concerns about senior advisors. About 65% of broker-dealers ("B-Ds") are "worried about the aging [of] registered representative population at their firms," according to the cell phone poll taken at the Senior Investor Protection Conference by the Financial Industry Regulatory Authority Inc. ("FINRA").
Wirehouse Merrill Lynch has lost another team of financial advisors to Sanctuary Wealth, an independent broker-dealer in Indianapolis led by a former Merrill regional manager.
Once overlooked compared to the registered investment adviser and the independent broker-dealer market, regional brokerage firms quietly are making comeback due to recruiting gains at the expense of wirehouses.
FINRA has fined eight firms which include Voya Financial Advisors, Kestra Investment Services, FTB Advisors and five broker-dealer subsidiaries of Cetera Financial Group, comprising of Cetera Advisor Networks, Cetera Financial Specialists, First Allied Securities, Summit Brokerage Services and VSR Financial Services.
FINRA plans to pursue the Comprehensive Automated Risk Data System (CARDS) initiative to quickly respond and regulate potentially fraudulent behavior.
