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Author: rafferty

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Cetera brokers may go elsewhere with no stay bonuses on horizon

19:05 20 July in In the News by rafferty

July 20, 2018 By Bruce Kelly, Investment News Some may feel spurned and leave, while others will simply shrug off latest slight and stay Will they stay or will they go? That's the question facing Cetera Financial Group's 8,000 brokers and advisers now that they know the company has no intention of offering them retention bonuses to stay on with new owner Genstar Capital. That could trigger many of the brokers to look for employment elsewhere, while other advisers may simply shrug off this latest change, industry observers said. Retention bonuses, or stay bonuses, are customary to lock advisers in their seats after a change in ownership of a brokerage firm. Advisers typically work off the payments, usually in the form of a note or loan, over a three to five-year period. The bonuses are typically given...

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Genstar Capital buys majority stake in Cetera Financial Group

19:29 18 July in In the News by rafferty

July 17, 2018 By Greg Iacuri, Investment News The private-equity firm has previously invested in such companies as Mercer Advisors and AssetMark Cetera Financial Group, a network of six independent broker-dealers with about 8,000 brokers and advisers, said Tuesday evening that private-equity firm Genstar Capital will buy a majority equity stake in the company. Cetera's holding company, Aretec Group Inc., has entered into a definitive agreement with Genstar. Terms of the deal, slated to close in the third quarter, were not disclosed. Cetera's leadership team is "maintaining a meaningful ownership position," according to a press release, which didn't specify that position. The deal marks the completion of Cetera's review of its capital structure, which the company publicly acknowledged in February. LPL Financial and Lightyear Capital, the owner of Advisor Group, had also expressed interest in a potential...

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Why People in Hong Kong Have Incomes 5x Higher Than People in China’s Richest Province

16:34 29 June in Articles Written by Jon Henschen by rafferty

June 29, 2018 By Jon Henschen, Intellectual Takeout For two decades, prosperity has followed economic freedom for the most economically free territory in the world: Hong Kong. An island lacking natural resources, Hong Kong was added to the British Empire after the Opium Wars and eventually transformed into a hub of Britain’s China trade. Britain’s 99-year lease on Hong Kong expired in 1997, at which time, Hong Kong became a Special Administration Region (SAR) and is officially a part of China. But for most intents and purposes, Hong Kong operates as an independent country independent from China. Even with the economic success China has experienced in recent years, Hong Kong residents enjoy income that is four to five times higher than residents of China's most prosperous region, Shanghai. When the United Kingdom turned over...