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Author: rafferty

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IBD Advisors Gripe About Fees

15:49 02 June in In the News by rafferty

May 30, 2014 by Diana Britton, WealthManagement.com   Nearly 37 percent of independent b/d reps agreed or strongly agreed that fees are becoming a bigger problem. Independent broker/dealer advisors are getting tired of fees, according to WealthManagement.com’s annual compensation survey. When asked if they agreed with the statement “Rising fees such as ticket charges, technology fee, etc., are becoming a bigger problem,” IBD advisors scored an average 3.1 on a scale of 1 to 5 (5 being “strongly agree”). That compares with the industry average of 2.6. Nearly 37 percent of IBD reps agreed or strongly agreed that fees are becoming a bigger problem. “I think that a lot of independent advisors may feel that firms are pulling different levers, and it’s kind of eating into their profit,” said Kenton Shirk, associate director at Cerulli...

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Is AIG Advisor Group the next big fish Schorsch wants to land?

17:33 27 May in In the News by rafferty

May 23, 2014by Bruce Kelly, Investment News   There are a lot of reasons why RCAP might be trolling for Larry Roth's old firm To build a network of 20,000 advisers, RCS Capital Corp. and Larry Roth, the newly anointed chief executive of its retail brokerage umbrella unit, Cetera Financial Group, are undoubtedly considering another big and bold move. Cetera will have about 9,800 registered reps and advisers under the roofs of its far-flung network, once a few pending deals close by the end of June. That rep headcount would put the Cetera network second in the industry, behind only LPL Financial, with 13,600 reps and advisers. Second place, however, isn't good enough for RCS Capital, known by its ticker RCAP, and its executive chairman, the hard-charging, nontraded real estate investment trust czar Nicholas Schorsch. Indeed, RCAP and Mr....

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How to Tell When Broker-Dealers ‘Jump the Shark’

16:36 16 May in Articles Written by Jon Henschen by rafferty

May 16, 2014 by Jon Henschen   In the early ‘90s I was brokering at Prudential Securities in Pasadena, and in my first few months prospecting for new clients, I brought on some blue-blood Pasadena residents who had net worth that I found somewhat intimidating. We had a branch manager with an open door policy to discuss whatever was on our minds, so I shared with him my feelings of intimidation with these new clients. His feedback cut to the chase, “Jon, the only difference between you and those clients is the number of zeros after their net worth.” Over the years I’ve found his input to hold true: human desires are universal in wanting to feel connected, valued and appreciated—regardless of the zeros. The Loyalty Factor Broker-dealers have an ongoing challenge in fulfilling advisors’ desires...