Like them, you can make your first million dollars by accentuating your own personality through an instinctive pathway using their Secret Success Standards as stepping stones to be among the Quiet Rich.

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us.  Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts.  All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source. This posting and the information on our website is for general information purposes only.  This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship.

Author Kevin Palmer  Kevin  Palmer Arizona /Economic Activism/Seeks Economic Justice (734)/Humble Warrior (967)/Peace Through Prosperity (243)/Financial Freedom Activist (893)/Foster Economic Understanding (357) / Financial Literacy (219)/Behavioral Finance Strategist (671) /Enable Economic Dignity (526)/ Improve Quality of Life (195)/Resist (475) Comments are closed (374)/  Securities Fraud Reports (36Question authority (898) Kevin Palmer (712) Kevin Palmer Scottsdale (546) Kevin Palmer Arizona (7341) First Allied Securities / Behavioral Finance Strategist (767) / Improve Life Quality (9679/ Enable Economic (687) Dignity (836) / Resist (85) /Question Authority (846) http://smainstitute.com/

https://thequietrich.com/tag/rebelmagazine-com/ https://kevinpalmerscottsdale.com/2019/04/11/election-time-and-more-of-the-same/ http://smainstitute.com/sma-multi-media/

The post Hundreds of Case Studies first appeared on Kevin J Palmer Scottsdale.

Those with this type of disclosure are asking us what changed and why they now have so few options. The short answer is to read the recent proposed Rule change regarding Rule 4111.

For years FINRA has been tightening the noose on firms hiring brokers with a “history of misconduct” by more frequent audits, increased scrutiny of membership applications, risk monitoring, broker-dealer scorecards, and a wave of Enforcement investigations targeting this group. But now FINRA is looking to hit the firms where it matters most; in their pocketbook.

Through the proposed rule, FINRA will have access to a broker-dealer’s money which they will be required to “maintain a specific deposit amount, with cash or qualified securities, in a segregated account at a bank or clearing firm, from which the member could make withdrawals only with FINRA’s approval.

Few if any member firms are sitting on mountains of cash to hold in reserve; none of which will count towards their Minimum Net Capital Requirements. The changes exacerbate the harm caused by false or trumped-up allegations commonly put onto the exiting broker’s U5. Landing at a top firm with a favorable payout will be nearly, if not entirely, impossible as these changes are implemented.

Please call me at 720-613-2044 if making your record clean is important to your business.

Regards,

The post U5 Termination Disclosures first appeared on Kevin J Palmer Scottsdale.

From: Redacted
Sent: Sunday, March 10, 2019 5:19 PM
To: Terminated from First Allied Securities Over Discretionary Trades
Subject: Redacted

Name redacted

Kudos for identifying an under-serviced niche in the legal market. The financial business which you serve is rich beyond comparison.

We have all seen the huge builds in New York, New York. They are spectacles of capitalism paid for in full by the securities industry. I had many occasions to be in PaineWebber, my former employer, on Avenue of the Americas. As well as Painewebber in Weehawken, New Jersey, where I obtained my Series 7 General Securities Representative license on June 7 1985. I’m currently not registered with any state or firm but they were fond memories.

It is not only my former employers, I also appreciate the architectural wonders of other broker-dealers as well. I was recently registered with First Allied Securities and love to see their office from under the Coronado Bridge when I sail San Diego Bay.

Sadly though, those buildings are paid for with the blood sweat and tears of each broker/adviser that works endless hours to produce revenue numbers based on projection that come from corporate suites far above the fray of the day to day business of prospecting and fielding customer complaints when markets go against them. Yet they are usually last on the list when job security or legal protection is needed. Enter the redacted Law Group, P.C.

You understand the bias senior management has when it comes to choosing between a client who threatens to sue or an adviser that can easily be terminated in connection to alleged rule violations and quickly replaced. Firms routinely settle unfairly against stockbrokers giving agents no recourse to accusations. A customer initiated investment related arbitration claim regarding conduct, was resolved for $31,500.00 in damages based upon allegations that unsuitable corporate debt transactions were effected in the customer’s investment account. The National Association of Securities Dealers (NASD) Arbitration No. 00-01529 (Mar. 28, 2001) is one example but the files are endless. So, Kudos to you and your firm.

Kudos too, for knowing FINRA is the place to start this expungement process by seeking contravention of firm rules. The Financial Industry Regulatory Authority  FINRA  Financial Industry Regulatory Authority  (former  NASD – National Association of Securities Dealers) a self-regulating entity, set up to enforce and arbitrate, has allowed the powerful ownership groups to have their way with placing the blame, and at times ruing careers, of those at the bottom of the professional ladder.

FINRA has even looked the other way when firms flat-out allowed securities agents to take the blame for unsuitable investment that were pushed by firms underwriting investments banks One example is in 1994 a customer alleged agent while employed at Painewebber, did not inform them that their investment was in junk bonds. The complaint settled for more than $16,600 on average for each sales representative across the entire firm.

This breach of perspective by the Financial Industry has spawned a whole new Wall Street business witnessed by the growing legal firms on Liberty street and throughout lower Manhattan. Firms like Fitapelli & Kurta Attorneys at Law, or the Guiliano Law Group P.C. scour CRd #’s and BrokerCheck, to trolling for unhappy customers willing to sue their broker. Validity of the charge often is unimportant because these attorneys know the security firms will settle, in essence throw the adviser under the bus, to keep from going to arbitration.

I don’t know what your firm does in revenues but I know you choose right over easy and my hope is you are hugely successful.

Thank You, name redacted

“Once contravention in old thinking is terminated, exercised discretion inspires self-realization” 

The post Legal Firm Seeks Justice for FINRA Claims first appeared on Kevin J Palmer Scottsdale.

Here is Part 2 of Her Story

Something to prove

Over the past several months, Moore lost a significant amount of weight, the source noted. He also started insisting colleagues refer to him jocularly as “RJ,” instead of his long-used name “Bob.”

Mark Casady stepped down as CEO of LPL to found a venture capital fund.

His departure may also possibly have something to do with a falling out with Genstar, the source said.

The company offered only a brief comment in response. “RJ is stepping down as CEO of Cetera strictly for health reasons, as stated,” Cetera spokeswoman, Adriana Senior said in an email. “Beyond that, it is not our policy to comment.”

When Moore was hired, it’s unlikely anyone could have predicted this outcome.  With Genstar’s deep pockets, the newly minted CEO confidently boasted he would beat rival LPL Financial at its own game by developing bone crushing scale through a massive hiring spree.

Moore clearly had something to prove. After serving as LPL’s president, he was passed over to replace LPL CEO Mark Casady in 2016. The job went to Dan Arnold, and Moore left the firm for Cetera shortly afterward.  See: Sources: Larry Roth is out at Cetera, supplanted by ex-LPL president, Robert Moore

Under his leadership, Cetera appeared to hit the ground running. It reported three months after the Genstar sale that it had onboarded more than  $650 million in fresh brokerage and advisory assets. But soon after, those gains were wiped out by a series of LPL raids.

In a series of swift blows, LPL poached $4.5 billion in cumulatively managed assets and four separate RIAs. LPL’s biggest coup was the capture of $3.7 billion AUM Exemplar Financial Network, in Crystal Lake, Il.

Last April, LPL Financial declared a recruiting “war” against Cetera and two other broker-dealers. The fury and focus of the drive shocked recruiting firm principals and internal LPL-affiliated OSJ recruiters because of the way it’s singled out the firms.

The move at least raises a question whether Moore unnecessarily antagonized the massive broker-dealer. See: LPL Financial wages ‘war’ on Cetera, Securities America and Kestra after they pounced on NPH advisors in wake of sale

Even so, Cetera’s network recruited more than 800 advisors with $5.3 billion in client assets in 2018 under ex-LPL veteran, Michael Murray, who joined Cetera in May a year ago as head of business development.

Moore’s hurdles, however, extended beyond recruiting. He was also tasked with improving Cetera’s technology to attract reps. In Oct. 2016, he cut a sweeping deal with PIEtech Inc., that made its MoneyGuidePro and Best Interest Scout software available for license by its legion of brokers.

Michael Murray was a significant poach from rival LPL by Robert Moore at Cetera.

But this past February, news broke that advisors were growing frustrated with the slow roll out of technology initiatives. “They’d promise and promise and then miss the target date and miss the target date,” said one unnamed advisor.

“When we went to the annual meeting, they were talking about all this technology that they were going to be doing. We didn’t see that happen,” Kathleen Hansen told Wealth Management.  The founder of The Financial Planning Department, left Cetera for LPL last September.

Advisors also complained about failed promises over an equity sharing plan. Though the new owners allowed advisors to buy equity, the retention bonuses or equity grants that many expected never materialized.

As a result, some significant practices jumped to rival firms over the past two quarters of 2018, according to the report.

If there was a falling out with Genstar, it may involve the venture capital firm’s abortive bid to pay upwards of $1.3 billion to buy a majority stake in rival Advisor Group.

An executive quoted by Financial Advisor magazine said a merger would shave $100 million in expenses if it both operations were combined. Advisor Group’s umbrella covers four broker-dealers and Cetera has six.

Reports of the merger were rife enough to spur Advisor Group CEO Jamie Price to address the issue with employees in a letter. “We want to let you know that we are not in discussions with Genstar or Cetera,” he wrote.

Ben Brigeman, a former Schwab executive, has been named temporary CEO while Cetera searches for a full-time successor.

The post Brooke Southall is Spot-on About Cetera Part 2 of Her Story first appeared on Kevin J Palmer Scottsdale.

From Documents we attained, publicly available records, and sources close to the story we will uncover how subsidiaries like First Allied Securities were so overburdened with compliance oversight they infringed on personal freedoms of individual broker/adviser and discharged a command and control edit that mocked uniform investment advisor law going so far as to discriminate against simple family economic freedoms.

The result was declining advisor retention despite a publicly available plan to acquire another broker-dealer firm. Former Arizona based FINRA registered reps ,say they were frustrated after staying affiliated with the firm through a troubled history in connection with aggressive contravention. A likely reason Cetera’s private equity owner Genstar’s discontinued talks with another undisclosed broker-dealer firm.

The post Was Robert Moore Terminated? first appeared on Kevin J Palmer Scottsdale.