Megan Leonhardt

Megan
Leonhardt

Megan Leonhardt is senior editor for WealthManagement.com and REP. magazine, reporting on national brokerage firms and the independent advisor landscape, as well as regulatory updates, legal cases and compliance issues. Prior to covering the financial services industry, Megan worked as a legal reporter breaking stories on major law firms and writing on significant court cases all over the country.
 

Articles
RCS Capital Sells Wholesale Unit to Apollo for $25M
Amid leadership changes, including the departure of CEO Michael Weil, RCS Capital announced Thursday it would sell its wholesale distribution unit to Apollo Global Management for $25 million.
Camardas Appeal Dismissal of CFP Board Case
Florida-based financial advisors Jeff and Kim Camarda are appealing a D.C. judge’s recent decision to toss their case against the CFP Board, saying they feel there is substantial legal merit to their lawsuit.
LPL Targeting B/Ds Struggling with Regulatory Costs
LPL is looking to use its size and scale to take advantage of the current challenging regulatory environment to make acquisitions and bring in additional advisors.
LPL Revenues Flat On Slow Commissions, Regulatory Issues
Despite an uptick in profits and client assets, LPL Financial reported flat revenues for the second quarter that missed analysts’ expectations due to slower sales commissions and a challenging market environment.
The Top 10 States With the Most RIAs
Almost two-thirds of all RIAs live in just 10 states. Check out which states have the highest concentrations and the factors driving their popularity.
Small, Fee-Only Shops Prevail in RIA Space

Despite the hype around the registered investment advisors with billions under management, sophisticated offerings and various forms of compensation methods available, the vast majority of these firms tend to be small shops seemingly running a fee-only advice business.

Ten to Watch 2016: Dennis Kelleher
Dennis Kelleher is one of the leaders in a broad consumer advocacy coalition, including AARP, labor groups and the Consumer Federation of America, supporting the Department of Labor’s efforts to impose a fiduciary mandate on advisors to retirement accounts.
Ten to Watch 2016: Jason Carroll
Led by Jason Carroll, Live Oak Bank built out its investment advisory lending business in October 2012. Unlike conventional banks that need borrowers to put up tangible collateral, Live Oak has a unique charter that allows for “collateral shortfalls,” making it one of the few institutions that can lend to financial advisory businesses.
Reformers Win Seats on FINRA Board 1

The Financial Industry Regulatory Authority’s board of governors seats reserved for small and mid-sized firms have been filled with two broker/dealer owners who campaigned to reduce the burdens the regulator places on smaller firms. 

Wirehouses Build Out International Teams to Balance Risks, Rewards 1

Like other firms on Wall Street, Merrill Lynch announced this week that it’s planning to develop a new team of specialized advisors to handle international clients. But while the move is a win for the firm and for wealthy clients, it remains to be seen if advisors will benefit.

Court Refuses to Second Guess CFP Enforcement Policies
A federal judge refused to second guess the CFP Board’s handling of the enforcement action against Jeff and Kim Camarda, saying in a recently unsealed opinion that the advisors had failed to show the organization was motivated by “bad faith or ill will” in its discipline procedures.
UBS Wealth Reports Record Revenues, Productivity, And Is Not For Sale: CEO

UBS Wealth Management Americas reported record revenues and advisor productivity for the quarter, just some of the reasons CEO Sergio Ermotti says the business is not for sale.

DOL Comment Letter Dump: Top Firms Finally Weigh In

Following the July 21 deadline for public comments, the Department of Labor on Thursday night released an additional 250 letters from some of the industry’s largest financial services firms, including Bank of America, Edward Jones, Morgan Stanley and Wells Fargo. Even the robos weigh in.

Ameriprise Advisors Post Record Productivity Amid Steady Growth
Ameriprise Financial reported record advisor productivity in a second quarter and showed modest gains in revenues and profit, as the advisory division ramps up for a new brand and advertising platform this fall.
Raymond James Continues Recruiting Streak Amid Record Revenues
Raymond James reported a strong third fiscal quarter, with record revenues and profit gains that beat analysts’ predictions for the quarter.
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