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Author: rafferty

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LPL Sees Big Uptick in Recruited Reps

17:40 17 August in In the News by rafferty

August 10, 2016 By Janet Levaux, ThinkAdvisor   A large number of advisors moved to the IBD from Cetera Financial, Advisor Group and other broker-dealers. LPL Financial (LPLA) dramatically increased its recruiting results in the second quarter, attracting 128 affiliated advisors vs. 59 in the first quarter of 2016. The greatest number of recruited advisors, 48, join LPL with individual or team practices that have $100 million or more of client assets. Forty advisors have made the move with $50 million to $99 million of client assets, while the remaining 40 reps have from $30 million to $49 million. “We experienced another strong quarter for recruiting,” said Bill Morrissey, head of business development for the independent broker-dealer, in a statement. A sizeable number of the recruited advisors, 15, moved to LPL from Cetera Financial Group, while nine...

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FINRA Floats Rule Changes on Gifts, Noncash Comp

19:31 10 August in In the News by rafferty

August 10, 2016 By Melanie Waddell, ThinkAdvisor   Among planned changes includes raising the gift limit from $100 to $175 The Financial Industry Regulatory Authority is seeking comments on its plan to amend its gifts, gratuities and noncash compensation rules. The proposed new rules, issued in Regulatory Notice 16-29, would raise the gift limit from $100 to $175, mostly to account for inflation, notes Cipperman Compliance Services. The new rules would also impose the noncash compensation restrictions on all securities transactions rather than just mutual funds, variable annuities, direct participation programs (DPPs) and public offerings. FINRA’s proposal would also replace previous guidance on business entertainment — allowing “ordinary and usual business entertainment” — with a requirement to implement policies and procedures ensuring no quid pro quos, defining permissible business entertainment, training and recordkeeping. FINRA is also proposing to incorporate...

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McGinnis Steps Down as CEO of Advisor Group

22:47 01 August in In the News by rafferty

August 1, 2016 By Janet Levaux, ThinkAdvisor   Valerie Brown will lead the group of IBDs as it moves from AIG to Lightyear Capital Erica McGinnis, who has led the Advisor Group for the past three years, is stepping down from the post. Executive Chairwoman Valerie Brown temporarily replace her as president and CEO, and Brown and McGinnis will work together as the Advisor Group moves from being a part of insurance giant AIG to being owned by the private-equity firm Lightyear Capital. "Erica McGinnis has accepted a role of executive vice president, head of transitions – leading the separation from AIG,” said spokesman Kevin Dinino, in a statement. “A search is underway for a new president and CEO … As president and CEO, Erica has contributed immeasurably to Advisor Group, and on behalf of...