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Author: rafferty

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Former Investors Cap CEO Resurfaces After a Costly Lesson

16:25 09 January in In the News by rafferty

January 6, 2017 By Janet Levaux, ThinkAdvisor The prior head of Investors Capital is relaunching his career after apparently losing money in the deal with RCS Capital Investors Capital CEO Tim Murphy is now working for a hybrid RIA affiliated with his former rival LPL Financial. Murphy, who was with Investors Cap since 1994, led the independent broker-dealer through its $52.5 million merger with troubled RCS Capital (RCAP), which later emerged from bankruptcy as Cetera Financial Group. Cetera later chose to close Investors Cap and move some its registered reps to Cetera Advisors. According to several industry sources, Murphy and other Investors Capital stakeholders accepted a large amount of stock in RCAP — 84% of the purchase price — as part of the deal, which hurt them financially. Summit Brokerage Services, led by Marshall Leeds, struck a deal...

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Congress Got Schooled Once by a BD Owner; It Should Again

22:58 02 January in Articles Written by Jon Henschen by rafferty

December 20, 2016 By Jon Henschen as published on ThinkAdvisor I must start this article by confessing that I’m not only a YouTube fan, but also the nerdy type that watches speech footage from the likes of economists Milton Friedman as well as various financial services thought leaders. Recently, I watched a broker-dealer owner give testimony to Congress. Listening to his testimony compelled me to feature his opening comments as the centerpiece of this article for two reasons. First, the content of his testimony was an onion of truth bombs. Second, his testimony reflected many of the thoughts and concerns that broker-dealer owners discuss in private but are afraid to say in public for fear of regulatory backlash. The speaker, Peter Schiff, is the owner of the BD Euro Pacific, Inc., which is a full service...

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Is Your Broker-Dealer in a Death Spiral? 4 Steps to Discovery

17:13 11 December in Articles Written by Jon Henschen by rafferty

December 8, 2016 By Jon Henschen as featured on ThinkAdvisor In a recent conversation with an advisor at an independent broker-dealer, I brought up a few issues of concern regarding his BD. They included a pattern of disparaging press the firm had experienced over the last few years, the loss of numerous advisors, several large fines that had been imposed and their financials running at a loss in the most recent focus filing. The advisor went to the president of the broker-dealer, who assured him that everything was fine, that they had not lost numerous reps and all was in excellent order. The advisor then shared his feedback with me with an attitude that appeared to imply that either I was misinformed or had not been telling him the truth. About a month later,...