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Author: rafferty

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LPL, Edward Jones Pre-DOL Rule Shifts: Smart Moves or Overreaction?

15:49 18 March in In the News by rafferty

March 7, 2016 By Janet Levaux, ThinkAdvisor   Industry watchers share their views on the merits and drawbacks of such an approach by several broker-dealers The financial-services industry is holding its breath in anticipation of the Department of Labor’s new fiduciary standard. A couple players, though, have chosen to exhale and roll out pre-emptive programs. LPL Financial (LPLA) announced Wednesday that it would cut prices and account minimums and launch a fund-only brokerage IRA option. And Edward Jones says it is in the pilot stage of a program to let clients with just $5,000 “get guided support.” Do such moves make sense? Industry recruiters and consultants have mixed feelings, though at least one consumer group is pleased. “It seems puzzling that a firm would roll out major changes to its platform in response to the DOL's fiduciary rule [when...

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How to Avoid Manager Absenteeism

16:50 02 March in Articles Written by Jon Henschen by rafferty

March 1, 2016 By Jon Henschen, as featured in March 2016 issue of Investment Advisor Magazine   Midsized broker-dealers are especially vulnerable as growth pulls managers in too many directions In Jim Collins’ book “Good to Great,” he presents a concept he calls the Flywheel Effect. The Flywheel Effect illustrates that businesses are like a heavy flywheel. Management's job is to get the flywheel moving as quickly as possible because its velocity generates superior results over time. To get the flywheel to move from a standstill takes tremendous effort. With continuous hard pushing, the wheel starts to move slowly. Over time and with continuous pushing, the flywheel picks up momentum. You get to a point where the weight of the flywheel kicks in your favor. It spins faster and faster, with its own weight propelling it....

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The New Face of the Super OSJ

16:28 01 March in In the News by rafferty

March 1, 2016 By Diana Britton, Wealth Management Magazine   In the late 1990s, Pete Bush was working for Cetera Advisors under an office of supervisory jurisdiction (OSJ), as was most every other independent rep paying for the privilege of having a supervisor. These offices were mandated by FINRA to more effectively distribute the oversight of an independent broker/dealer’s scattered network of affiliated reps. Bush and a few others from the firm eventually decided it made sense to start their own OSJ; it remained small, just three partners and six advisors, and stayed that way until 2011. But to Bush it still felt like more like a burden than an efficient way to share back-office functions and compliance mandates. “I was questioning the sanity and the financial viability of being a Super OSJ,” Bush says....