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Author: rafferty

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Kestra Sells Minority to Private Equity Firm Oak Hill Capitol

13:30 10 October in In the News by rafferty

October 6, 2022 By Tobias Salinger, Financial Planning   An independent wealth manager that’s notching notable recruiting gains in an industry dominated by the giants picked up its latest private equity bet on the future growth of the firm. Kestra Holdings — the Austin, Texas-based parent company of wealth managers Kestra Financial and Grove Point Financial and their 2,400 financial advisors with $122 billion in client assets — added a new minority investor on Sept. 30 when Oak Hill Capital purchased the stake in the firm previously held by funds managed by Stone Point Capital. Firms once near to Kestra in size such as Signator Investors, Voya Financial Advisors and Waddell & Reed have merged into giants like Advisor Group, Cetera Financial Group and LPL Financial in recent years. In contrast, Kestra has built its own footprint steadily since the Stone Point...

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Is It The Right Time to Check Out These 4 BD’s?

14:38 21 September in Articles Written by Jon Henschen by rafferty

September 20, 2022 By Jon Henschen, ThinkAdvisor  In the spirit of the show “Comedians in Cars Getting Coffee” — which features Jerry Seinfeld matching a car from his collection with a comedian he’s taking out for coffee — I decided to match up watches with four of my broker-dealer clients. One of my outside interests is watch collecting, specifically watches in the $500-$5,000 price range. And, like with broker dealers and RIAs, I’m continuously seeking out combinations of quality and value in the watch world. I found this pairing exercise to be very revealing in terms of the key qualities that advisors may want to look for in their broker-dealer and in their timepieces. Read on for details on four interesting watches and four BDs, all of which I keep up with and are part of my...

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Is a Great FINRA Purge Coming?

15:28 29 August in In the News by rafferty

August 26, 2022 By Diana Britton, WealthManagement.com As firms scramble to stay off FINRA’s new 'leper list' of broker/dealers with histories of misconduct, some say smaller businesses and reps with only minor regulatory blemishes are being unduly tarnished. Until recently, registered reps with only a few disclosures on their records could easily find a home at a broker/dealer to hang their license. But those days may be coming to an end, due to the Financial Industry Regulatory Authority’s Rule 4111, which went into effect Jan. 1, 2022. FINRA’s new rule requires broker/dealers that the regulator determines pose the greatest risk to investors to set aside funds in a dedicated account to meet future FINRA fines, including potential unpaid arbitration awards. Broker/dealers don’t want to end up on FINRA’s list, especially one that would be made public, so many are taking steps to avoid it, say recruiters and compliance...