Bruce Kelly
Over 1,300 IBD reps YTD dealing with "shrinkage"Posted by RJ and Makay on Jun 22, 2010 |
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In the last four years the number of 
broker-dealers has declined by more than 8 percent. So far this year, we've seen 1,300 financial advisors forced to a new home from the continued IBD shrinkage.
Another IBD has just ceased operations as well. Yesterday Bruce Kelly at InvestmentNews reported the Financial Industry Regulatory Authority has deemed the securities unit of Jesup & Lamont to be out of compliance for failing to meet net capital requirements. All 300 of Jesup & Lamont reps have been ordered to cease conducting business other than liquidating transactions. Jesup & Lamont is disputing Finra's action.
