Author: rafferty

Searching High And Low

16:09 05 August in In the News by rafferty

August 2014 Financial Advisor magazine By Dan Jamieson   Independent broker-dealers looking to add new advisors might just want a “Goldilocks” type of market this year—one that’s not too hot, not too cold, but just stable enough to give advisors some confidence to make a career move. “It’s hard to recruit right now [when] the market is doing what it’s been doing,” agrees Brad Fay, president of IBDSearch LLC. “There has not been a compelling reason to switch” firms. But after several good years in the markets, advisors and clients “feel stable, and now might be the time [that advisors] think about” a move, says Scott Miller, president of FirstPoint Partners LLC, a recruiting firm. LPL Financial added just 53 net new advisors in the first quarter of this year, a relatively slow pace next to the 321...

Another Insurer Exits the B/D Business

16:41 22 July in In the News by rafferty

July 21, 2014 By Diana Britton, Wealth Management.com   Kansas City Life is selling Sunset Financial Services to Securities America Kansas City Life Insurance Company announced the sale of its independent broker/dealer Sunset Financial Services to Securities America. Sunset has 268 reps, about $18 million in gross annual revenue, and $2.4 billion in client assets. The terms of the deal were not disclosed. But Kansas City Life Insurance said the sale will boost the company’s assets, net of taxes and transaction expenses, by up to $2 million, or 18 cents a share. In an SEC filing, the company reported a net loss of $454,000 for 2013. The b/d's comes primarily comes from the sale of variable life and annuity products—both proprietary and non-proprietary—as well as other fee-based products, the filing said. The sale does not include...

LPL losing a top recruiter

21:23 15 July in In the News by rafferty

July 14, 2014 By Bruce Kelly, Investment News    Joseph Line has joined Wells Fargo Advisors; others have also left recently LPL Financial is losing one of its leading recruiters, Joseph Line, in the wake of three other recruiters resigning in the past year and a half. A 12-year veteran of LPL, Mr. Line told the firm last week he was resigning, according to two industry recruiters outside LPL. Mr. Line recruits 40 to 60 advisers to LPL annually, with those advisers producing $10 million to $15 million in annual fees and commissions, known as an adviser's “trailing 12” in the industry, recruiters said. Mr. Line's territories for LPL included Kentucky, Tennessee and Ohio. The other recruiter aware of Mr. Line's resignation asked not to be identified. Mr. Line did not return phone calls on Monday to comment. His...