Greensboro duo believe their practice-acquisition and succession ambitions will be better met at Cetera’s Summit unit than at the much-larger LPL.
St. Louis-based John Gatewood says he structured a new ownership plan for his $550-million wealth practice and secured better technology by shifting from his lifelong firm.
The largest independent broker-dealer is still working out the compensation, expense-sharing and recruiting structure for the nascent W-2 employee model it seeded with its purchase of Florida’s Allen & Co. in August.
Lousianna broker violated industry and firm rules by not reporting his work for and ownership stake in a nutritional supplements company for four years, according to a letter of settlement.
Biggest independent broker-dealer says recruiting remains vibrant after breakaway of Independent Financial while Opco force edges toward 1,000.
Princeton-based broker with $1.5 million in production joins LPL affiliate after two decades with UBS.
Broker with $200 million in assets leaves Commonwealth Financial to join advisory firm run by former Morgan Stanley manager.
State says 651 LPL “agents” were operating without registration and also sanctions firm for late filings of customer complaints and other reportable events.
Both companies, which have been rapidly growing their broker sales force in recent years, have raised estimated legal expenses by 10’s of millions over the past year.