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Author: rafferty

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Anatomy of a Fiduciary-Friendly Broker/Dealer

16:51 30 September in Articles Written by Jon Henschen by rafferty

September 25, 2019 By Jon Henschen, WealthManagement.com More choices and lower pricing can protect your clients’ interests and safeguard your practice. Certified Financial Planners (CFPs) are required to adhere to a fiduciary standard when implementing financial plans, but to date, the same requirement has not been applied to investment advice. Effective October 1, 2019, CFPs will be required to adhere to a fiduciary standard on investment advice. Enforcement will begin on June 30, 2020. How great an impact this will have on CFPs is unknown, as the CFP Board has no data on the number of CFPs not adhering to a fiduciary standard on investment advice. In our recruiting discussions with CFPs, we have certainly had discussions with financial planners that do not adhere to a fiduciary standard on financial advice and some that follow...

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HD Vest, 1st Global Brands to Die as Blucora Combines the B/Ds

16:25 11 September in In the News by rafferty

September 9, 2019 By Diana Britton, WealthManagement.com Blucora’s combining its broker/dealers under the newly formed Avantax Wealth Management, in an effort to emphasize its 4,200 advisors’ tax specialty. Blucora, the parent company of tax-focused independent broker/dealers HD Vest Financial Services and 1st Global, announced plans Monday to combine the two b/ds into a new one called Avantax Wealth Management. The HD Vest and 1stGlobal brands will be retired. HD Vest, founded over 35 years ago by a CPA, was acquired by Blucora in 2015 for $580 million. 1stGlobal, acquired by the firm earlier this year for $180 million, was established over 25 years ago, with a focus on larger CPA practices. Together, the firms have 4,200 advisors with $67 billion in client assets. The two back offices will be combined into one location; Enrique Vasquez,...

Financial Advisor IQ a Financial Times Service

Are Advisors Giving Up Some Degree of Independence? Firms and Recruiters Disagree

17:40 09 September in In the News by rafferty

September 6, 2019 By Mrinalini Krishna, Financial Advisor IQ Though the desire for independence among advisors remains strong, a growing number of advisors are moving back on the independence spectrum, say executives at some of the large broker-dealer firms. “If you think about the industry, you have the employee side and then you have the independent side. And then you have the RIA side. And usually people sort of moved down that spectrum in one way. But it has been interesting to see some of those firms come back from having their own RIA or having their own broker-dealer to be part of an independent channel,” says Jodi Perry, president of Raymond James’ independent contractor division. And Raymond James is not the only firm that has seen this apparent trend. Rich Steinmeier, an LPL Financial managing...