Two affiliates of the independent broker-dealer say that the SEC’s $21 million lawsuit ignores “fulsome” website disclosure of conflicts of interest involving mutual fund sales.
Greensboro duo believe their practice-acquisition and succession ambitions will be better met at Cetera’s Summit unit than at the much-larger LPL.
Denver-based unit of independent brokerage giant Cetera Financial Group allegedly generated almost $11 million of undisclosed 12b-1 fees and revenue-sharing payments from mutual funds and a clearing firm over four years, regulator says.
AdvicePay, Michael Kitces and Alan Moore’s fintech offering, has inked deals with Cetera Financial Group, Private Advisor Group, Ladenburg Thalmann and Ameritas.
Independent broker-dealer failed to identify excessive trading in customer accounts and improper reports to customers, Finra says.
After an 18-year career with Oppenheimer, Larry Goldstein affiliates with Cetera’s Summit Brokerage in search of a bigger payout.
Cetera broker in Ohio ordered to pay $490,000 to former associate at Ameriprise who bought his practice.
Merrill teams in Virginia and NYC join independent firms while Stifel group with $180 million of assets affiliates with Ron Carson’s Cetera-based network of firms.
San Francisco-based Genstar Capital expects to close deal in third quarter and will operate Cetera under current brands and leadership.