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Author: rafferty

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Another Key Executive Departs LPL

16:56 26 January in In the News by rafferty

January 23, 2015 Bruce Kelly, Investment News James Sorey, LPL's top East Coast recruiter, is leaving for another broker-dealer LPL Financial's top recruiter on the East Coast, James Sorey, left the firm earlier this month, continuing a brain drain at the nation's largest independent broker-dealer. Mr. Sorey was senior vice president, East region manager, for LPL. He was based in Charlotte and reported to LPL's head of recruiting, executive vice president Steve Pirigyi. “We wish James well,” said LPL spokesman Brett Weinberg, who declined to comment further about Mr. Sorey's potential replacement. Mr. Sorey is expected to take a position in February at an insurance company owned broker-dealer, Lincoln Financial Network, according to an industry source who asked not to be named. “We have no comment at this time,” said Lincoln Financial Group spokesman Eric Samansky. LPL Financial...

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Are Privately Owned Broker-Dealers a Dying Breed?

16:46 08 December in Articles Written by Jon Henschen by rafferty

December 2014 issue of Investment Advisor   Fewer privately owned broker-dealers leave those remaining in high demand With the recent sales of broker-dealers, have you noticed how many BDs in the top 50 are privately owned? This was the question posed to me by David Fischer, CMO of Independent Financial Group, a broker-dealer based in San Diego. Frankly, I hadn't thought about it. So I did some research. In 2008, there were 20 broker-dealers in the top 50 that were privately owned. Fast forward to 2014 and that number drops to 10, a 50% decrease. During our conversation, Fischer said that his group is loving the fact that his firm is part of a decreasing pool of privately owned broker-dealers because their recruiting has been on fire—they recently brought on a $1.5 million producer within...

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Cambridge Joins Ranks of IBDs Abandoning Schorsch

17:04 07 November in In the News by rafferty

November 6, 2014 Janet Levaux, ThinkAdvisor   The group stops sales of three Cole REITs following accounting and other issues at American Realty Capital Cambridge Investment Research has joined a growing number of independent broker-dealers suspending sales of REITs tied to American Realty Capital (ARCP). “Following a recommendation by our due diligence committee, and with the best interests of advisors in mind, we have temporarily suspended sales in three Cole products with the expectation there will be more clarity in the coming weeks,” the IBD said in a statement Thursday shared with ThinkAdvisor. Cambridge has some 2,500 affiliated independent reps. On Wednesday, Cetera Financial Group — part of RCS Capital, of which Nicholas Schorsch is chairman — asked its affiliated advisors to suspend sales of three Cole nontraded REITs. Other IBDs that have suspended these and other ARCP product...