Independent firms affiliated with Advisor Group and National Planning Holdings failed to supervise and train brokers on sales of L-share class annuities, the regulator said.
Rich Steinmeier will replace LPL veteran Bill Morrissey as head of recruiting, while Stifel continues to pick up Wells brokers in Modesto.
Finra suspends ex-Morgan Stanley CSA in Texas who used blank forms and forged customer signatures to facilitate loan requests and former LPL broker in Ohio who reimbursed a customer for money-losing options trades.
The firm enticed just under 60% of National Planning Holdings 3,200 independent brokers to join.
State regulators charged that independent broker-dealer giant failed to properly supervise brokers who were selling unregistered securities.
The largest independent broker-dealer awarded Dan H. Arnold $7.4 million, up from $2.9 million in 2016 when he was president.
Independent brokerage giant says it expects to transfer 65-70% of National Planning Holdings assets, below the bonus-payment trigger.