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Author: rafferty

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FINRA Board OKs E-Signature, Custodian Proposals

18:43 26 July in In the News by rafferty

July 25, 2018 By Melanie Waddell, ThinkAdvisor The e-signature approval "reflects just how behind the times FINRA is” on technology, recruiter Jon Henschen says. The Financial Industry Regulatory Authority approved at its July board meeting rule proposals to expand the categories of persons allowed to act as custodians of the books and records of firms leaving the business, as well as the use of electronic signatures in authorizing the use of discretion in a customer’s account. The planned use of electronic signatures is a long time coming. The board met last week in Washington, and FINRA announced the board meeting results on Wednesday. FINRA CEO Robert Cook said in a video update that the board also reviewed “some possible changes” to the broker-dealer self-regulator’s examination program structure. Bari Havlik, FINRA’s exam chief, stated in the video message...

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Cetera Plans Big Changes to Retention Bonuses

16:57 24 July in In the News by rafferty

July 23, 2018 By Janet Levaux, ThinkAdvisor Traditional retention bonuses are "outdated," CEO Robert Moore says. After announcing its sale to private equity group Genstar Capital last week, Cetera Financial Group says it is working on equity plans for its roughly 8,000 affiliated advisors. Industry watchers say this move — and the overall deal with Genstar — should prove positive for Cetera. According to CEO Robert Moore, the firm believes that “advisors deserve more than a traditional retention bonus,” which … is “an outdated way to do things.” “Genstar is working on equity plans to foster that alignment and to engender broad-based and meaningful ownership that [goes beyond] … top producers,” Moore said in an interview. Traditional retention deals that include forgivable loans, he says, are less than ideal, since that money does not “go to...

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After years of uncertainty, Cetera advisors see stability in Genstar deal

17:21 23 July in In the News by rafferty

July 20, 2018 By Tobias Salinger, Investment News  More than 7,700 financial advisors with Cetera Financial Group’s six independent broker-dealers can now rest assured their firm won’t be pulling the rug out from under them. More than 7,700 financial advisors with Cetera Financial Group’s six independent broker-dealers can now rest assured their firm won’t be pulling the rug out from under them. Genstar Capital agreed to purchase a majority ownership stake in the largest IBD network, the firms said July 17, ending speculation that Cetera could be rolled up into rival firms Advisor Group or LPL Financial. The private equity firm is paying roughly $1.7 billion, people familiar with the matter told Bloomberg. Cetera and the acquiring firm didn’t disclose the terms of the deal, which is slated to close late in the third quarter....