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Auld quits NEXT Financial, Joins Rival

00:00 01 August in In the News by rafferty

by Bruce Kelly and featured in Investment News August, 2006: New York - Jeff Auld, who has played a pivotal role in establishing NEXT Financial Group Inc. as one of the nation's fastest-growing independent broker-dealers, is leaving to join rival Berthel Fisher & Company Financial Services Inc. Mr. Auld, who is president of Houston-based NEXT Financial Group, will depart Aug. 31 to become president of Berthel Fisher in Marion, Iowa. Mr. Auld, 48, joined NEXT Financial Group in 2000 and is credited with almost single-handedly driving its growth, largely through his ability to recruit new representatives. His impending departure comes as NEXT Financial Group, like many other independent-contractor broker-dealers, is scrambling to find an executive to lead its recruiting efforts (InvestmentNews, Aug. 7). Gordon D'Angelo, chairman and CEO of NEXT Financial Group Holding Co., will...

Inquiring Minds Want to Know About Transition Money

00:00 01 August in Articles Written by Jon Henschen by rafferty

by Jonathan Henschen, CFS and featured in Broker Dealer Journal August, 2006: A common question I get from the heads of broker/dealers is: “What do you see broker/dealers offering for transition help?”  I’m going to avoid interjecting too much personal opinion in this area, although I will say that going to a broker/dealer just looking for a forgivable loan is simply the wrong reason. Here’s a breakdown on what trends we see in the independent broker/dealer channel for helping out with transition expenses. Reps are on their own for transfer expenses At one time, if reps wanted to join a firm, they had to cover their own expenses including registration costs, business cards, stationary and transfer fees. Many firms still take that position, but the trend among broker/dealers is evolving to” “We need to...

Broker/Dealer Expenses

00:00 01 July in Articles Written by Jon Henschen by rafferty

by Jonathan Henschen, CFS and featured in ProducersWeb July, 2006 We get deluged by questions about fees Advisors are paying, looking for references to what is normal for them to be paying on a particular expense imposed by their broker/dealer. To be certain, there are some firms that are not reasonable on what they charge; approaching ugly on the scale of what is fare to charge an Advisor. We’ve put together a list of common expenses incurred by Advisors by Independent Broker/Dealers as a reference to what is average in our industry and what the trends for these expenses are evolving toward. Errors & Omissions Insurance We’ve all seen a substantial spike up on E&O costs over the last four years. The good news is these costs are finally stabilizing, unless of course, your...