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Author: rafferty

Financial Advisor IQ a Financial Times Service

LPL OSJ Aims to Lure Wirehouse Breakaways by Covering Moving Costs

16:37 18 November in In the News by rafferty

November 16, 2020 By Mrinalini Krishna, Financial Advisor IQ Independent Advisor Alliance is offering to pay breakaway advisors’ relocation costs to try to entice them away from wirehouses, says Michael Gordon, chief business development officer for IAA. The firm, which is an office of supervisory jurisdiction on LPL Financial’s hybrid RIA platform, is offering to cover the expenses and coordinate with moving companies as a way of differentiating itself in a very competitive market for wirehouse breakaways, says Gordon. While the amount of additional money offered to recruits as part of the package isn’t necessarily enormous, the arrangement is meant to demonstrate a spirit of partnership, he says. IAA’s strategy is premised on the notion that advisors are at present especially keen to leave big cities for the suburbs in response to the pandemic,...

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Securities America loses top executive to Carson Group

16:41 23 October in In the News by rafferty

October 22, 2020 By Bruce Kelly, Investment News The departure of Kevin Miller, formerly executive vice president, adds to a growing list of high-level employees to leave the firm in recent months As the Advisor Group network consolidates some of its broker-dealers, Securities America Inc., one of the largest independent-contractor broker-dealers in the industry, is seeing a handful of senior and second-tier employees jump ship. The most senior executive to leave Securities America is Kevin Miller, formerly executive vice president and general counsel. After more than 20 years at Securities America, he is now working at the Carson Group, according to Ron Carson, CEO and founder of the $13 billion network of advisory firms. The exact timing of his departure was not clear. Advisor Group said in May it was shutting down three of the...

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Recapitalization? SPACs? Cetera’s PE backer shares long-term plans

16:31 16 October in In the News by rafferty

October 15, 2020 By Tobias Salinger, Financial Planning Excerpt: Cetera is “a flywheel; It just keeps getting better and better,” Tony Salewski, a Genstar managing partner and Cetera board member, said at a virtual event for advisors this week. “It's a business that we want to hold for a very long time.” Salewski noted that his PE firm’s investments typically carry a five- to 10-year timeline. He also mentioned last year’s Mercer Advisors recapitalization deal between Genstar, Lovell Minnick Partners and Oak Hill Capital. Genstar sold Mercer “to ourselves in a new fund” in order to extend “from that initial five years to re-underwriting another 10 years,” Salewski said. The message comes as the Los Angeles-based independent broker-dealer network and other large wealth managers face reduced business under the low interest rates triggered by the economic toll of the...