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Is the Grass Really Greener?

16:33 06 January in Articles Written by Jon Henschen by rafferty

by Jon Henschen December 23, 2013 ThinkAdvisor and the 2014 Career Guide issue of Investment Advisor When reps are considering changing broker-dealers, they want answers to these nine common questions Recruiters like myself often get questions from broker-dealer reps considering a move that begin, “Is it normal that my broker-dealer…?” Broker-dealers can be notorious for giving advisors answers that smack of corporate clichés such as, “We’re making these changes to be in line with our competitors” or “Regulators are requiring us to make these changes.” We thought it would be useful to bring to light nine common questions we, as recruiters, get from reps as they try to solve the puzzles of costs, company policies and supervision. 1: Our BD passes through 12b-1 trails on mutual funds in advisory accounts with non-qualified assets, but...

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Are Brokers Greedy Scumbags?

22:50 11 December in Articles Written by Jon Henschen by rafferty

by Jon Henschen December 11, 2013 featured on ThinkAdvisor A recent financial news program highlighted a comedy competition held at Gotham Comedy Club in New York called “Funniest Person in Finance.” One of the standout comedians was a financial advisor, Greg Cantone. When commenting about all the complaints there are about how people in finance make a lot of money, Cantone announced, “Well I’ve got news for you Gotham…we do!” Cantone offers no apology for making a good living. He takes aim at other high-end professionals, everyone from nurses to NFL kickers, for example, “You never hear anyone complain about them making a lot of money, do you? The man kicks a leather meatloaf… with his foot… once a week! But if for some reason, I help a family plan their retirement, send...

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Schorsch’s Realty Cap to Buy Summit Financial for $49 Million

21:30 18 November in In the News by rafferty

November 18, 2013 by Janet Levaux, ThinkAdvisor The latest deal comes 'out of the blue'; could add another 300 advisors to the billionaire's growing network of IBDs Broker-dealer experts have wondered which deal real estate investor Nicholas Schorsch and RCS Capital Corp. (RCAP) were likely to add to the “done” list in the final months of 2013, and Schorsch answered that question early Monday: Summit Financial Services Group (SMMF) for $49 million. When asked why RCAP has grabbed up Summit and Investor's Cap, "The reasons are fairly simple," Schorsch said in an interview with ThinkAdvisor. "They're both terrific companies, and both are public ...