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Author: rafferty

With Pay Gap Shrinking, National, Regional B/Ds Surge

21:42 20 December in In the News by rafferty

December 20, 2017 Barron's National and regional broker-dealers out-grew the competition this year, in part by capitalizing on wirehouses’ recruiting pullback. The firms’ assets have climbed 9.1%, compared with 7.2% for the industry overall, according to Cerulli Associates. They’ve been emboldened to go after wirehouse advisors and their assets as the pay gap between the channels has shrunken. Culture is more than a buzzword, Cerulli’s research confirms: Of advisors who moved from a branch network firm in its survey, 75% rated culture as a moderate or major factor in their decision. Bureaucratic and impersonal cultures are a turnoff, the firm says. Also helping power nationals’ and regionals’ growth this year were European banks’ recent exits from U.S. wealth management, which loosed a flood of brokers into the recruiting market. ...

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The Herd vs. the Country Club: Which Mentality Is Right for You?

16:12 15 December in Articles Written by Jon Henschen by rafferty

December 15, 2017 By Jon Henschen as published on ThinkAdvisor The need to follow the crowd and the desire for exclusivity are both powerful motivators you can use to your advantage Since September 2017, we’ve experienced a substantial outflow of advisors from the Jackson National broker-dealers that were sold to LPL Financial via the National Planning Holdings acquisition. Industry publications announced regular movement to broker dealers, touting the group’s assets and discussing why they moved to whatever firm they had ultimately chosen. The herd mentality has been in full swing, as BDs and the press drew attention to which firms were the most successful in attracting advisors. In a perceptive move, even LPL joined in by publicizing the names of large groups that decided to go along with the sale and proceed with their...

LPL Wields Major, if Unglamorous, Recruiting Advantage

20:39 05 December in In the News by rafferty

December 5, 2017 Barrons.com LPL Financial is beating back rivals to lock up billion-dollar practices at the National Planning Holdings units it recently bought. And while incentive money, culture and scale are always factors in these recruiting battles, LPL wields an ace card: A relatively easy transition. Last week, $1.1-billion Discovery Financial Centers, in Red Wing, Minn., waved off outside suitors and agreed to move to LPL. In October, $2-billion Trilogy Financial, in Huntington Beach, Calif., announced it would join LPL. And LPL plans by the end of the month to announce deals with additional billion-dollar firms, according to Financial Planning. These businesses belonged to some of the four broker-dealers whose assets LPL acquired in August. LPL chief Dan Arnold has projected that his firm will hang on to about 70% of the four...