Bruce Kelly

New York

Senior Columnist at InvestmentNews

Host at The InvestmentNews Podcast

Senior Columnist for InvestmentNews, which is owned and operated by London-based Bonhill Group plc.

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Articles

Private placement executives from GPB Capital, guilty of fraud, get seven and six years in prison

5 days ago | investmentnews.com | Bruce Kelly

Seven years after GPB Capital Holdings, the high-risk, high-cost private placement manager, began to unravel because of accounting shortfalls, its two senior executives, founder David Gentile, and broker-dealer and sale chief Jeff Schneider, received justice. On Friday afternoon in federal court in Brooklyn Gentile and Schneider were sentenced, respectively, to seven years and six years in prison, according to spokesperson for the Justice Department.
LPL’s Steinmeier is on his bicycle convincing Commonwealth advisors to join up

6 days ago | ourcommunitynow.com | Bruce Kelly

Share For LPL's CEO Rich Steinmeier, the acquisition of Commonwealth Financial Network sounds like it's getting a bit personal. LPL Financial Holdings Inc. at the end of March announced its $2.7 billion, all cash acquisition of leading independent broker-dealer and longtime rival Commonwealth Financial Network.
LPL’s Steinmeier is on his bicycle convincing Commonwealth advisors to join up

6 days ago | investmentnews.com | Bruce Kelly

For LPL's CEO Rich Steinmeier, the acquisition of Commonwealth Financial Network sounds like it's getting a bit personal. LPL Financial Holdings Inc. at the end of March announced its $2.7 billion, all cash acquisition of leading independent broker-dealer and longtime rival Commonwealth Financial Network.
LPL faces states’ regulatory actions on emails, chat app snafus

1 week ago | investmentnews.com | Bruce Kelly

Just as LPL Financial Holdings Inc. is in the middle of its acquisition of Commonwealth Financial Network, the giant broker-dealer is also facing the overhang of compliance issues. These issues include signing clients’ emails and using chat apps, which has dogged the firm for years and currently brought again to light by state regulators. According to South Dakota's Division of Insurance, Department of Labor and Regulation, LPL’s advisors misused email and how they signed off on client documents.
Sales of alternative investments keep booming in 2025

1 week ago | investmentnews.com | Bruce Kelly

As a variety of large brokerage firms, including LPL Financial, Charles Schwab & Edward Jones, revamp this year to give financial advisors easier access to sales of alternative investments, investment managers reported that March sales of these products were booming. Money managers such as KKR & Co. Inc. and Blackstone Inc. have long targeted sophisticated institutional investors to sell high risk, high reward investments, from hedge funds to private real estate and credit deals.
Advisors watching for dip in fees on biggest clients: Cerulli

1 week ago | investmentnews.com | Bruce Kelly

While the actively managed mutual fund industry has seen fees lower dramatically in the past two decades due to competition from much cheaper exchange-traded-funds tied to stock and bond indexes, the financial advice industry has not suffered the same fate. Advisors’ fees for clients, typically in the neighborhood of 1% - 100 basis points – of assets under management, have held remarkably steady since the 2008 financial crisis.
UBS, as expected, losing financial advisors in the US; headcount drops 3.2% YoY

2 weeks ago | investmentnews.com | Bruce Kelly

After reporting in February that it was expecting financial advisors to leave the firm after changes to the firm’s compensation plan, UBS on Wednesday reported a 3.2% year-over-year decline in the total number of advisors in its Americas region. The drop in headcount totals 195 fewer advisors at UBS in the Americas at the end this March, when its advisors headcount totaled 5,884. A year earlier, the firm reported 6,079 advisors in the region.
Edward Jones joins the crowd to sell more alternative investments

2 weeks ago | investmentnews.com | Bruce Kelly

Add Edward Jones, the closely held private partnership with more than 20,000 financial advisors and $2.2 trillion in client assets, to the roll call of firms expanding or revamping its list of higher-risk alternative investments for its financial advisors to sell. “Firms are doing this,” said Kevin Gannon, chair and CEO of Robert A. Stanger & Co. Inc.
Cetera’s latest round of job cuts to reduce 5% of staff

2 weeks ago | investmentnews.com | Bruce Kelly

After InvestmentNews reported last week that Cetera Financial Group, a giant broker-dealer and registered investment advisor network, was expected to make a second round of job cuts to staff this year, it turns out the layoffs occurred in two rounds, last Tuesday and Thursday, and totaled 130 to 150 employees, according to a senior industry executive who spoke privately about the matter.
Cetera’s job cuts to reduce 5% of staff

2 weeks ago | investmentnews.com | Bruce Kelly

After InvestmentNews reported last week that Cetera Financial Group, a giant broker-dealer and registered investment advisor network, was expected to make job cuts to staff this year, it turns out the layoffs occurred in two rounds, last Tuesday and Thursday, and totaled 130 to 150 employees, according to a senior industry executive who spoke privately about the matter. A Cetera spokerson noted that there were no workforce reductions earlier in 2025 and all the cuts came last week.