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

Commonwealth clocks big win in battle with SEC over revenue sharing

3 weeks ago | investmentnews.com | Bruce Kelly

The six-year long legal battle between Commonwealth Financial Network and the Securities and Exchange Commission over the firm’s mutual fund revenue sharing practices took a sharp turn in Commonwealth’s favor this week when a federal appeals court reversed a $93 million penalty against the firm.
Wells Fargo plucks top recruiter from LPL

3 weeks ago | investmentnews.com | Bruce Kelly

Wells Fargo Advisors continues to add to its team of senior executives focused on building its independent financial advisor business line, this week hiring a new head of recruiting from leading rival LPL Financial. Farhad Firoozi is Wells Fargo Advisors’ new head of advisor recruiting, starting on Tuesday, according to a statement from the company. Most recently, he was a senior vice president, business development, at LPL.
LPL purchase of Commonwealth started with CEO’s email.

3 weeks ago | investmentnews.com | Bruce Kelly

Rich Steinmeier, CEO of LPL Financial Holdings Inc., first reached out to Joe Deitch, owner and chairman of Commonwealth Financial Network, around Christmas last year, and sent him an email. The intent, according to Steinmeier, was not to discuss LPL buying Commonwealth, but rather a simple electronic hello.
LPL to buy rival Commonwealth Financial Network for $2.7 billion in all cash deal.

3 weeks ago | investmentnews.com | Bruce Kelly

LPL Financial Holdings Inc. on Monday morning said it was acquiring Commonwealth Financial Network, a long-standing rival in the wealth management industry. The two former competitors for decades have fought over teams of financial advisors looking for a new place to work, with Commonwealth, a boutique, pitching its technology and service, and LPL, a behemoth, pitching its size and deep pockets.
Add Commonwealth Financial - a blockbuster - to the list of potential LPL targets

3 weeks ago | investmentnews.com | Bruce Kelly

LPL Financial and Commonwealth Financial Network, two of the of the most prominent firms for independent contractor brokers, have been discussing a potential deal for LPL to buy outright or take a significant equity stake of Commonwealth, according to multiple market sources inside and outside the firms.
Finra moves to boot Alpine Securities, same firm that claims the regulator can’t

4 weeks ago | investmentnews.com | Bruce Kelly

The legal fight between Alpine Securities Corp. and the Financial Industry Regulatory Authority Inc. took one step sidewise this week when Finra moved to uphold and finalize its expulsion of the firm, pending a review, from the securities industry, just as Alpine’s dispute of Finra’s authority to do so continues in federal court.
LPL Financial’s new CEO Steinmeier gets pay bump but lags Wall Street rivals

4 weeks ago | investmentnews.com | Bruce Kelly

Rich Steinmeier, who took over unexpectedly as CEO of LPL Financial Holdings Inc. last fall, wants the independent broker-dealer behemoth to compete with the top tier wealth management firms on Wall Street. But one area that LPL lags behind its rivals is how it pays its executive leaders. According to a filing with the Securities and Exchange Commission this week, Steinmeier’s total compensation, a mix of salary, stock and other incentives, is targeted to reach $12 million in 2025.
Wells Fargo keep hiring senior executives for its RIA business

1 month ago | investmentnews.com | Bruce Kelly

Wells Fargo & Co.’s wealth and investment management group continues to build out its support for registered investment advisors and said it hired Megan Hausmann as a lead recruiter for its RIA Solutions group.
Finra hits RIA buyer NewEdge with $1 million penalty over Muni bond trades

1 month ago | investmentnews.com | Bruce Kelly

For the second time in a month, NewEdge Securities, the broker-dealer arm of aggregator NewEdge Capital Group, was penalized by the Financial Industry Regulatory Authority Inc. due to its mishandling of bond trades, and on Friday the firm was penalized more than $1 million for misreporting purchases of new municipal bonds. Friday’s settlement follows a $144,000 Finra penalty NewEdge Securities agreed to on March 7, according to the firm’s BrokerCheck profile.
BNY Pershing’s new cash sweep charge to hit RIAs first

1 month ago | investmentnews.com | Bruce Kelly

BNY Pershing’s plans to create a new charge on client cash held in accounts of RIAs that custody with Pershing and broker-dealers that use it for clearing are taking shape, with senior industry executives saying the clearing and custody giant is planning to roll out the new charge first to registered investment advisors. InvestmentNews reported in February that BNY Pershing was evaluating plans to create a new charge, akin to a tax, on cash held by its broker-dealer clients.