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

LPL may spend up to $800 million per year to buy advisors’ businesses: analyst.

2 days ago | investmentnews.com | Bruce Kelly

Sure, LPL Financial Holdings' $2.7 billion purchase this year of rival Commonwealth Financial Network has grabbed plenty of headlines. But it turns out the staff at LPL has been plenty busy quietly buying the practices of much smaller firms, with an annual war chest in the neighborhood of $800 million to do so, according to one analyst.
UBS 'wrongfully' fired Idaho advisor in 2021: FINRA panel

3 days ago | investmentnews.com | Bruce Kelly

UBS Financial Services wrongfully terminated a financial advisor based in Boise, Idaho four years ago and is on the hook for $1 million in damages, according to a three-person arbitration panel decision issued Tuesday by FINRA Dispute Resolutions Services. This FINRA division oversees private legal disputes between clients, advisors and broker-dealers. The financial advisor, Randy S.
Arizona seeks to strip advisor of license over GPB private placement sales

4 days ago | investmentnews.com | Bruce Kelly

The Arizona Securities Division last month moved to take the securities license from a financial advisor, Michael V. Bradley and his eponymous registered investment advisor, alleging “improper recommendation to clients” who bought high-risk, private placement securities issued from 2015 to 2018 issued and managed by GPB Capital Holdings.
More details of job cuts at Morgan Stanley, Atria.

4 days ago | investmentnews.com | Bruce Kelly

More details have emerged about where the job cuts at Morgan Stanley and Atria Wealth Solutions, recently acquired by LPL Financial Holdings. Financial advisors are almost never laid off as part of cost cutting or consolidation efforts at retail securities firms because they generate revenue and drive growth.
FINRA penalizes another broker dealer for social media miscues

1 week ago | investmentnews.com | Bruce Kelly

The Financial Industry Regulatory Authority (FINRA) on Tuesday fined an online brokerage Open to the Public Investing $350,000 for its shortcoming in monitoring statements by social media influencers. These influencers are also known as "finfluencers" when they focus on financial activity. FINRA, which regulates the brokerage industry, has been focused on firms and their use of social media for several years.
Blackstone, Wellington Management, and Vanguard Group to run new interval fund; face big questions

1 week ago | investmentnews.com | Bruce Kelly

Blackstone, Wellington Management and Vanguard Group this month filed to launch a multi-asset interval fund, called the WVB All Markets Fund, aimed at bringing private markets exposure to a wider base of retail investors. The fund now faces the typical scrutiny of alternative investments that offer investors some exposure to investments that don’t trade on a daily basis and cost more than low-priced exchange-traded funds pegged to stock and bond indices.
As Stifel fights one giant claim involving star Miami broker, it quietly settles others

2 weeks ago | investmentnews.com | Bruce Kelly

Stifel Financial Corp.’s broker-dealer arm is quietly settling a series of customer complaints involving star broker Chuck Roberts while simultaneously working in federal court to overturn the stunning $133 million customer complaint it lost in March.
FINRA puts kibosh on David Lerner’s sales of proprietary products

2 weeks ago | investmentnews.com | Bruce Kelly

David Lerner Associates, the long-time purveyor of high-risk, house-managed alternative investments, will not be selling any more proprietary investments for at least two years, according to a settlement this week with the Financial Industry Regulatory Authority (FINRA).
LPL cuts staff at Atria as it pitches stability to Commonwealth advisors

2 weeks ago | investmentnews.com | Bruce Kelly

LPL Financial Holdings this month said it was laying off 55 workers in Houston who worked at Atria Wealth Solutions, a firm which LPL acquired last year. At the same time, LPL is in the middle of a charm offensive designed to calm advisors within the near-3,000 financial advisors registered with Commonwealth Financial Network, which LPL announced it was acquiring for $2.7 billion at the end of March.
'Disgruntled' ex-Wells Fargo advisor loses fight with firm over loan money

2 weeks ago | investmentnews.com | Bruce Kelly

A former Wells Fargo Advisors financial advisor, who worked at the firm for 15 years before jumping to a much smaller rival in 2022, is on the hook for $512,000 to his old firm after losing an industry dispute over a partially unpaid promissory note. The advisor, Robert Warnock, was a bank branch advisor for Wells Fargo and left to join Arkadios Capital, an independent broker-dealer and registered investment advisor.