Robinhood is snapping up financial advisers. Here’s why.
Robinhood plans to double the number of full-time registered reps this year after recruiting 100 advisers from other firms since 2019.
April 27, 2021 4 MINS
Robinhood Financial is ramping up its financial adviser recruiting activity, entering the top 20 firms among incumbents by snatching up 40 experienced and licensed advisers from competing firms year to date, according to
.
The majority of Robinhood’s adviser recruits this year came from Fidelity Brokerage Services (35%) and TD Ameritrade Inc. (25%), according to the data. A handful of advisers were recruited from other wirehouses and brokerages, including Charles Schwab & Co., Merrill Lynch, Pierce, Fenner & Smith Inc., Vanguard Marketing Corp. and Morgan Stanley, among others.
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Purshe Kaplan racks up $1.6 million settlement
Since 2017, the firm has been on the hook for $16 million in legal settlements and restitution to clients, with the lion s share stemming from one broker s sale of alternative investments to a Native American tribe in Michigan.
April 5, 2021 2 MINS
For the third year in a row, Purshe Kaplan Sterling Investments Inc., a boutique broker-dealer that works with brokers leaving Wall Street to set up their own registered investment advisers, is paying a steep award to clients who sued the firm.
Purshe Kaplan struck a $1.6 million settlement with 50 clients on March 1 who had sued the firm in arbitration run by the Financial Industry Regulatory Authority Inc., according to the company’s annual audited financial statement, known as a Focus report, which it filed last Thursday with the Securities and Exchange Commission.