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Author: rafferty

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Breaking Bad Broker-Dealer Behaviors

15:10 04 June in Articles Written by Jon Henschen by rafferty

June 3, 2020 By Jon Henschen, ThinkAdvisor Some IBDs are targeting advisors set to depart by playing hardball; here's a look at five specific tactics these firms are using. When I formed our recruiting firm in 2001, we recruited advisors not only to independent broker-dealers but also to regional broker-dealers and wirehouse firms. After six months, we made a conscientious decision to narrow our focus to recruiting to just IBDs. We enjoyed conversing with staff with independent broker- dealers and their advisors, who tended to be more entrepreneurial and displayed a substantially lower “ego factor.” Working with IBDs was far less corporate — meaning more streamlined and less bureaucratic. In other words, working with them was a delight. Having worked as a broker in the ‘90s at both Prudential Securities and Merrill Lynch, I found it to...

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1,400 advisors on the move as Advisor Group merges 3 IBDs into Securities America

15:18 18 May in In the News by rafferty

May 15, 2020 By Tobias Salinger, Financial Planning A deal that reshaped the independent broker-dealer sector is realigning thousands of financial advisors in its wake. After two credit downgrades and a pledge by its CEO to fold Ladenburg Thalmann into its structure, Advisor Group is merging three of the IBDs it acquired earlier this year for $1.3 billion into the largest one of the ex-Ladenburg network. By consolidating Investacorp, Securities Service Network and KMS Financial Services into Securities America, the Phoenix-based firm will more quickly deploy technology and other services for the 4,400 financial advisors affiliated with the current crop of five IBDs, CEO Jamie Price said in an interview. Price rejects any connection between the impact of the coronavirus on Advisor Group’s business and the decision to integrate the firms. At the same time,...

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IBD Berthel Fisher in Talks to Sell to Cetera

20:18 15 May in In the News by rafferty

May 15, 2020 By Diana Britton, WealthManagement.com Sources say it would make sense for Berthel Fisher to sell, given the low rate environment and its history with high-risk alternatives. Cedar Rapids, Iowa-based independent broker/dealer Berthel Fisher, which has a couple hundred advisors, is in advanced discussions to be acquired by Cetera, according to sources close to the investment banking community. Other b/ds have looked at buying Berthel Fisher, but Cetera is the only one who has submitted a bid so far. The two companies have been in discussions for at least the last month, and any deal would likely be an asset sale, said one investment banking source, who declined to be named. Another source close to the investment banking community said the deal would likely be done soon and would be a semi-distressed transaction....