Tagged with "raymond james"

FINRA Suspends Raymond James Advisor For Accepting Large Gifts From Elderly Client

Posted on September 28th, 2021 at 2:32 PM
FINRA Suspends Raymond James Advisor For Accepting Large Gifts From Elderly Client

The Financial Industry Regulatory Authority (FINRA) has suspended and imposed a $10,000 fine on a 51-year industry veteran who accepted unapproved cash gifts from an elderly 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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Arbitrators deny ex-advisor chance to defend himself in Raymond James case

Posted on January 10th, 2020 at 9:08 AM
Arbitrators deny ex-advisor chance to defend himself in Raymond James case

They say everyone gets their day in court — except maybe Gregory Clark, a former Raymond James advisor whose FINRA arbitration case ended without his testimony, witnesses or evidence.

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Raymond James Payouts to SEC Reach $37 Million

Posted on September 25th, 2019 at 11:18 AM
Raymond James Payouts to SEC Reach $37 Million

Raymond James agreed to pay more than $15 million to settle Securities and Exchange Commission ("SEC") allegations of collecting excess commissions and failing to conduct adequate suitability reviews. The latest case came after Raymond James settled two client overcharging lawsuits in June for $15 million and agreed to pay disgorgement of $6.9 million in March under the SEC. It's the firm's third major settlement of the year for a combined $37 million.

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Raymond James Agrees to Pay $15 Million for Overcharging Investors

Posted on September 19th, 2019 at 5:22 PM
Raymond James Agrees to Pay $15 Million for Overcharging Investors

The Securities and Exchange Commission ("SEC") has charged Raymond James entities with improperly charging retail investors and charging excess commissions for brokerage customer investments.

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HighTower Advisors to Exit Broker Protocol

Posted on May 14th, 2019 at 4:02 PM
HighTower Advisors to Exit Broker Protocol

HighTower Advisors has announced that the $50 billion RIA will exit the Broker Protocol. HighTower’s exit follows the departure of Morgan Stanley and then UBS in late 2017.

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Merrill Lynch to Expand 401(k) Fiduciary Services

Posted on April 11th, 2019 at 4:47 PM
Merrill Lynch to Expand 401(k) Fiduciary Services

Merrill Lynch has announced that it will expand fiduciary services for 401(k) clients by allowing more financial advisors to manage retirement plan menus on a discretionary basis

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Regional Firms Are Becoming More Attractive as Wirehouses Lose Competitive Edge

Posted on April 1st, 2019 at 11:56 AM
Regional Firms Are Becoming More Attractive as Wirehouses Lose Competitive Edge

Recently, regional firms such as Raymond James, Stifel, Ameriprise, and Janney Montgomery Scott have become a favored destination for many successful wirehouse advisors who have transitioned away from the wirehouses.

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

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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Raymond James Terminates Seven Financial Advisors for Improper Sales of Unit Investment Trusts

Posted on November 5th, 2018 at 4:53 PM
Raymond James Terminates Seven Financial Advisors for Improper Sales of Unit Investment Trusts

Raymond James has terminated seven financial advisors nationwide for improper sales of unit investment trusts (UITs) as a result of a FINRA regulatory sweep over the supervision of UIT sales by broker-dealers across the country. According to the regulatory filings, the financial advisors were based in Michigan, Florida, and Georgia.

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