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Author: rafferty

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How Dan Arnold Is Driving Change at LPL

19:44 27 November in Articles Written by Jon Henschen by rafferty

November 27, 2018 By Jon Henschen, ThinkAdvisor LPL appears to have had a “come to Jesus” moment of self-reflection, as it grapples with some long-standing issues voiced by advisors. Last year, we were privy to the story of a mid-sized broker-dealer that had been experiencing stagnant growth for years and thus was ready to make the changes required to become a recruiting magnet and reignite growth. Working with a consultant to guide them on this new path, they hired two recruiters and, on the surface, agreed to offer forgivable transition notes to onboarding advisors and cover airfare and hotel for due-diligence visits to the office. But broker-dealer management failed to prepare staff for the consequences of adding a significant number of advisors and how this growth would impact staffing needs and workloads. There was little communication...

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Cetera to retain about 25 advisors, $1B in client assets from departing OSJ

17:27 02 November in In the News by rafferty

November 1, 2018 By Tobias Salinger, Financial Planning Cetera Financial Group will retain about a quarter of the advisors and production of a major office of supervisory jurisdiction decamping to rival LPL Financial. Regional director Cheryl Kunstle of Cetera Advisor Networks expects to keep 25 to 30 advisors with $1 billion in client assets and $5 million to $6 million in production out of the Exemplar Financial Network, Kunstle says. Most advisors opting to join LPL will have left by the end of the year, according to Kunstle. The move by the Chicago-area OSJ, which has nearly $4 billion in client assets and about 110 producing advisors, followed at least six other new ex-Cetera teams LPL has announced in a series of press releases since late August. The No. 1 IBD added a net...

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LPL Drops Asset Minimum for New Reps, But …

16:49 25 October in In the News by rafferty

October 23, 2018 By Janet Levaux, ThinkAdvisor   As it prepares to announce its third-quarter earnings results, LPL Financial has removed a hurdle for advisors seeking to join a hybrid registered investment advisory group. On Monday,  national sales and consulting Managing Director Andy Kalbaugh said the firm is dropping the $50 million advisory assets requirement for new or existing advisors joining a hybrid RIA practice. Advisors looking to be part of a hybrid RIA with LPL and bringing less than $25 million in advisory assets to its platform, though, will be charged up to 5 basis points. When advisors grow to have  $25 million or more in LPL-custodied advisory AUM, the fee will be eliminated, according to Kalbaugh. The firm, though, appears to be keeping in place a fee for assets custodied outside the firm. LPL CEO...