Tagged with "LPL Financial"

UBS, Wells, Other Firms Ordered To Pay $9.5 Million After 529 Savings Plan Sweep

Posted on December 28th, 2021 at 1:10 PM
UBS, Wells, Other Firms Ordered To Pay $9.5 Million After 529 Savings Plan Sweep

The Financial Industry Regulatory Authority (FINRA) agreed to a settlement with at least five investment advisory firms including UBS Wealth Management, Wells Fargo, LPL Financial and MML Investor Services for nearly $9.5 million regarding college savings plan sales violations.

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SEC Files Suit Against Massachusetts LPL Financial Advisor Over Alleged Fraudulent Scheme

Posted on June 9th, 2021 at 2:37 PM

The Securities and Exchange Commission (SEC) filed suit against James Couture after the Massachusetts-based advisor allegedly misappropriated $2.9 million from his clients.

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Former LPL Advisor Admits to Stealing $600,000 from Elderly Client

Posted on May 17th, 2021 at 12:52 PM

A former LPL Financial and Lincoln Financial Advisors Corp. financial advisor has pleaded guilty to one count of wire fraud stemming from his theft of $600,000 from an elderly client.

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SEC Files Emergency Action Against Clason

Posted on September 2nd, 2020 at 3:05 PM
SEC Files Emergency Action Against Clason

The U.S. Securities and Exchange Commission (“SEC”) filed an emergency action against Matthew O. Clason, a former advisor with LPL Financial in Cheshire, Connecticut. According to the SEC, Clason stole more than $300,000 from a 73-year-old client.

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LPL’s New Employee Model

Posted on January 31st, 2020 at 5:01 PM
LPL’s New Employee Model

LPL Financial is pushing its new employee affiliation model and other new channels in its continuing endeavor to add financial advisors and customer assets. LPL began marketing its “premium” channel to wirehouse reps in the fall.  LPL is encouraged by the growing pipeline of interested advisors.

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FINRA Suspends Former LPL Investment Adviser After Borrowing $200,000 From a Client

Posted on May 9th, 2019 at 4:44 PM
FINRA Suspends Former LPL Investment Adviser After Borrowing $200,000 From a Client

FINRA has suspended former LPL Financial investment adviser, James E. “Jeb” Bashaw for failing to disclose to LPL that he borrowed $200,000 from a customer in 2013.

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LPL Financial Reports Record New Assets, And Increased Prom Note Liability

Posted on April 4th, 2019 at 4:51 PM
LPL Financial Reports Record New Assets, And Increased Prom Note Liability

In 2018, LPL Financial reported a record amount of assets that the firm recruited to its brokerage and advisory practices. The firm received $233.3 million of assets in 2018, a 46% increase from the year before.

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79 Investment Firms Agree to Reimburse $125 Million In Fund Fees to Investors

Posted on March 14th, 2019 at 3:48 PM

According to the SEC, 79 investment firms, including LPL Financial, Raymond James, Oppenheimer, and Wells Fargo have agreed to return more than $125 million to investors for failing to report conflicts of interest in their sale of mutual funds.

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Three Large Brokerage Networks Offering Significant Recruiting Bonuses in 2019

Posted on March 1st, 2019 at 1:49 PM

As Merrill Lynch, Morgan Stanley and UBS Financial Services, Inc. have recently pulled back their recruiting efforts in order to focus on growing assets and revenue internally, firms such as Wells Fargo Advisors, LPL Financial and Cetera Financial Group are seeking the opportunity to gain ground by offering attractive recruiting bonuses.

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LPL Changes Compensation Structure for Recruiters

Posted on March 15th, 2017 at 10:39 AM
LPL Changes Compensation Structure for Recruiters

LPL Financial has recently announced that it is changing the way that it pays external and internal recruiters.

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