sidebar

Connect: 319-210-7700

Connect: 319-210-7700

archive

Author: rafferty

Wealth Management logo

Another Insurance Firm Sheds Broker/Dealer

20:42 08 August in In the News by rafferty

August 8, 2017 By Diana Britton, WealthManagement.com Kestra Financial, the independent broker/dealer formerly owned by NFP, has entered an agreement to acquire H. Beck, a firm owned by insurance company Securian Financial Group. The deals adds about 600 advisors and $2.4 billion in client assets to Kestra’s platform. Securian is the latest insurance company to sell a broker/dealer unit. Securian purchased H. Beck nine years ago. The firm still owns Securian Financial Services, its other b/d with 1,200 advisors. “We’ve entrusted this business to Kestra Financial with the intention to increase our focus on our other businesses, including Securian Financial Services, and the expectation that Kestra Financial will be a good steward for the 600-plus advisors affiliated with HBI,” said George Connolly, senior vice president in charge of wealth management at Securian Financial Group,...

financial advisors

Recruiting Speeds Up

21:25 02 August in In the News by rafferty

August 1, 2017 By Dan Jamieson, Financial Advisor Magazine Recruiting activity among independent broker-dealers is regaining momentum now that the DOL rule is back on track. Many advisors have been evaluating their broker-dealer relationships in light of the new requirements the DOL will impose. Big firms like LPL Financial and Raymond James are changing their payout formulas in response to the rule and others are likely to follow. But independent broker-dealer execs say that some recruits in the pipeline held back on making decisions early in the year after President Trump ordered a review of the rule. That gave opponents of the DOL plan—including many B-Ds and independent reps—some hope that the rule would be indefinitely postponed. But the U.S. Labor Department ended up delaying the initial implementation for just 60 days, to June 9,...

Investment News logo

DOL regulation translates into pay cut for some advisers

20:14 21 July in In the News by rafferty

July 20, 2017 By Bruce Kelly, Investment News The Department of Labor's fiduciary rule has morphed into a pay cut for some advisers, who are left wondering whether a reduction in their compensation is being used to bolster the bottom lines of the broker-dealers with which they work. Sure, it would be rather cynical to say that firms are taking advantage of the new fiduciary rule, meant to eliminate potential conflicts brokers face when recommending one product to clients rather than another. The rule is meant to do good for investors, so how could it be twisted to the detriment of advisers? The brokerage business can be a cynical business. Just think of the dotcom bomb of 2000 and the credit crisis of 2008. In both instances brokers sold securities they didn't understand to...