Insurer-owned indie B-Ds going the way of VHS?
December 30, 2011 by Bruce Kelly, Investment News Once the dominant player in the industry, carriers seeing reps exit; consolidation puts squeeze on Independent broker-dealers owned by insurance companies, once the dominant players of the industry, will continue to dwindle in size and importance over the coming decade, unable to keep pace with more nimble competitors that invest in, and increase, investment advisory services for reps. That's the assessment of some industry executives. To underscore that point, one leading group of advisers formerly affiliated withTower Square Securities Inc., which is owned by insurance giant MetLife Inc., left several months ago to work with a leading broker-dealer for fee-based registered reps, Cambridge Investment Research Inc. In total, 87 registered reps — including some support-staff members with securities licenses — who produce more than $10 million in gross revenue,...
