RJ and Makay

http://www.rjandmakay.com/components/com_gk2_photoslide/images/thumbm/537321header_1.jpg http://www.rjandmakay.com/components/com_gk2_photoslide/images/thumbm/963038header_2.jpg http://www.rjandmakay.com/components/com_gk2_photoslide/images/thumbm/981787header_3.jpg http://www.rjandmakay.com/components/com_gk2_photoslide/images/thumbm/923473header_4.jpg

RJ & Makay Say
Most Read

RJ & Makay

Our view of news, events and human capital trends in the financial services industry.

E&O Insurance

Broker-dealer numbers going down

Posted by RJ and Makay on Jun 27, 2011

>> Read More RJ & Makay Blog Posts

Nearly twice as many broker-dealers closed down in 2010 than had opened, a trend that is likely to get worse before it gets better, according to a report by the research firm The Compliance Department, Inc. From May 2010 to May 2011, 336 broker-dealers alerted the Financial Industry Regulatory Authority (FINRA) that they were shuttering their businesses. 190 new firms were admitted by FINRA during that same time period.

Over 1,300 IBD reps YTD dealing with "shrinkage"

Posted by RJ and Makay on Jun 22, 2010

>> Read More RJ & Makay Blog Posts

In the last four years the number of Closed 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.