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Author: rafferty

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5 Signs You Need to Switch Broker-Dealers

15:47 29 April in Articles Written by Jon Henschen by rafferty

April 26, 2019 By Jon Henschen, ThinkAdvisor To avoid changing broker-dealers, advisors will tolerate a great deal of aggravation and frustration. It’s easy to understand why. Changing broker-dealers is not a simple endeavor, and there’s no sugar coating the fact that it’s a disruptive process. However, avoiding a broker-dealer switch that can offer your business clear advantages hinders your ability to reach your full potential. Still, many advisors procrastinate, deciding to stay with a broker-dealer that does not meet their needs. Here are five areas where advisors suffer frustration and restrictions with broker-dealers that keep them from soaring to greater heights: 1. Poor Service There are two trends in the area of service-quality decline that affect both smaller broker-dealers and larger broker-dealers with back-office consolidation. First, over the past few years, smaller broker-dealers have spent about 30%...

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LPL to Implement a New Model to Attract Employee Advisors

15:45 26 April in In the News by rafferty

April 25, 2019 By Diana Britton, WealthManagement.com The independent b/d is looking to take the pain out of the transition process for employee advisors and provide more ongoing support for them. LPL Financial has been recruiting advisors out of the wirehouses and other employee-model firms for years, but the broker/dealer is now dressing up its offerings to make the firm more attractive to these types of advisors. The firm will introduce a new model for advisors coming out of wirehouse and regional firms aimed at taking some of the more entrepreneurial tasks involved in starting and running a practice off their shoulders. There’s a large set of advisors who find the transition process of setting up their own business burdensome, and the firm sees the need to address those pain points. For instance, many advisors find...

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In a challenged sector, how one IBD is navigating a barrage of changes

21:26 23 April in In the News by rafferty

April 22, 2019 By Tobias Salinger, Financial Planning Jack Oujo admits he may have flubbed the initial call. The 26-year HD Vest Financial Services advisor and former minor league baseball umpire first balked at the largest tax-focused independent broker-dealer’s clearing switch to Fidelity’s National Financial Services. Upon further review, he says, it looks much better, thanks to tools like eMoney and a new client portal. “I questioned the whole thing when it happened, but I was wrong,” says Oujo, who has an eponymous New Jersey-based practice and notes he previously “had a bitter taste” toward National Financial. “It's clear now that they've upped their game tremendously.” HD Vest parent Blucora’s pending $180-million acquisition of 1st Global would mark a further change at the IBD, which also made Envestnet its advisory platform in September and bid...