Author: rafferty

As Kleintop Leaves LPL for Schwab, Will Morale Suffer?

23:02 18 August in In the News by rafferty

August 18, 2014 By Janet Levaux, ThinkAdvisor   Recruiters debate whether or not the latest high-profile departure will hurt the IBD Jeffrey Kleintop has stepped down as chief market strategist at LPL Financial (LPLA) and officially starts a new job at the giant RIA custodian Charles Schwab (SCHW) next week. “As our new chief global investment strategist, Jeff will help investors make sense of international market trends and events and their implications for investing strategies,” Schwab said in a statement on Monday. Kleintop left LPL, the biggest independent broker-dealer, in early August. His departure comes on the heels of news that Chief Marketing Officer Joan Khoury is leaving later this month. Earlier this year, Derek Burton retired as head of Independent Advisor Services after the IBD expressed “concerns over his interactions with other employees.” LPL  has not yet named Kleintop’s replacement. “Part...

Schorsch Scores Another IBD

22:45 14 August in In the News by rafferty

August 14, 2014 By Diana Britton, Wealth Management.com   Just a week after announcing its acquisition of VSR Financial, Nicholas Schorsch's RCS Capital Corp. (RCAP) reached an agreement to buy independent broker/dealer Girard Securities, a San Diego, Calif.-based firm with 250 advisors and over $10 billion in assets under administration. The two acquisitions bring RCAP’s independent advice empire to over 9,700 advisors and about $200 billion in assets across 11 b/ds. The deal terms were not disclosed. “We view Girard, along with our recently announced agreement to acquire VSR Group, as another example of an exciting accretive ‘tuck-in’ acquisition for our retail investment advice platform,” said Larry Roth, CEO of Cetera Financial Group. Nicholas Schorsch, executive chairman of RCAP, made his initial foray into the IBD space when he purchased First Allied and The Legend Group in June 2013. He’s...

Ladenburg Thalmann to Acquire KMS Financial Services

16:37 12 August in In the News by rafferty

August 11, 2014 By Emily Zulz, ThinkAdvisor   Newest deal to add more than $14 billion in client assets, nearly 325 independent financial advisors, $84 million in revenue Ladenburg Thalmann Financial Services Inc. (LTS) continues to grow its network of independent brokerage and advisory firms with its latest acquisition of KMS Financial Services Inc., a Seattle-based independent broker-dealer and investment advisor. Ladenburg announced on Monday that it had signed a definitive agreement to acquire KMS, which brings with it nearly 325 independent financial advisors with more than $14 billion in client assets and revenues of approximately $84 million for the 12 months ended June 30. The deal is expected to close later this year. Ladenburg will pay approximately $24 million — $11 million of cash, $8 million of four-year notes and 1,440,922 shares of Ladenburg common...