With a new $1 million fine from Massachusetts and an order to pay New Hampshire REIT buyers up to $8 million, LPL focuses brokers on avoiding DOL rule-related “rollover” lawsuits.
Firm says it intends “to eliminate any confusion the term ‘conflict-free’ could have for your investors and their understanding of your services,” according to a memo.
Biggest independent broker-dealer cut outgoing CEO Mark Casady’s compensation to $5.28 million and raised incoming CEO Dan Arnold’s to $2.90 million in 2016.
Less than a year after being named a top ten branch manager by a national magazine, a Florida broker goes to work for a local RIA and registers as Uber driver.
In an effort to mobilize the “grassroots,” LPL Financial sends its 14,100 affiliated brokers a trade group-coordinated way to instantly send comments.
Citing the need to “know our investors,” the independent brokerage giant sticks with plan to end brokers’ ability to buy mutual fund shares directly even if fiduciary rule changes.
Massachusetts fines LPL almost $1 million and continues to prosecute a former broker over annuities sales violations, while New Hampshire pursues ex-Waddell broker for financial planning double-speak after fining firm $900,000.
After two months of rumors that he was ending his 27-year relationship with LPL, the big producer jumps to a rival independent firm.