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Articles Tagged with Next Financial Group

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iStock-594049560-300x200Atria Wealth Solutions, Inc. is a wealth management holding company with subsidiaries that serve independent finanicial advisors and financial institutions. The company has recently agreed to acquire NEXT Financial Group Inc., an independent broker-dealer based in Houston. NEXT Financial Group serves more than 500 independent advisors with approximately $13 billion assets under administration.

Financial terms for this transaction have not been disclosed. However, it is expected to close during the beginning of 2019 and is subject to customary closing conditions.

Atria will acquire 100% of NEXT and all of its sister companies, NEXT Financial Insurance Services Company and Visionary Asset Management Inc. In taking on these new companies, Atria will serve nearly 2,000 advisors with approximately $64 billion in assets under administration.

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Stephen Joe Williams (CRD #2395948) is a registered broker and investment advisor currently employed by NEXT FINANCIAL GROUP, INC. (CRD #46214) of Madison, AL, since 2007. His previous employers are Securities Service Network, Inc. (CRD #13318) of Huntsville, AL, Raymond James Financial Services, Inc. (CRD #6694) of St. Petersburg, FL, and Edward Jones (CRD #250) of St. Louis, MO. He has been in the industry since 1994.

Are-or-Were-Unsuitable-Non-Traded-REITs-in-Your-Portfolio-300x224Williams’ most current customer dispute is pending, and was filed on 2/26/2018. The case centers on allegations that during June of 2008, Williams recommended non-traded REITS (real estate investment trusts) and didn’t disclose the nature and risks of these kinds of private securities. The customer is requesting damages of $350,000.

On 2/2/2018, another customer’s attorney filed a similar allegation with a 2008 time frame. Williams allegedly solicited the client to invest $50,000 in UDF III without informing him of the inherent risks of this illiquid investment. Although the customer requested remediation of $50,000, the dispute was denied.

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Richard Minichino has spent 7 years in the securities industry and was most recently registered with Next Financial Group in New York, New York (2016-2018). Previous registrations include Wunderlich Securities, JP Morgan Securities, Chase Investment and David Lerner Associates.

According to his BrokerCheck report, Richard Minichino was recently terminated from his former employer and has received four unsatisfied judgments or liens.

In February 2018, Richard Minichino was terminated from his position at Next Financial Group following an internal review regarding trades in a client’s account “that appeared to be unsuitable.”

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