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Articles Written by Jon Henschen

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Taking the Mystery Out of Going Fee-Only

22:33 18 August in Articles Written by Jon Henschen by rafferty

August 14, 2020 By Jon Henschen, WealthManagement.com   The biggest threat to the independent broker/dealer space is the number of advisors going fee-only. Here are some of the costs and considerations for advisors taking that step. There are two mounting threats to the independent broker/dealer (IBD) channel’s sustainability. The first is the number of advisors retiring, with too few new advisors entering the field to fill those vacancies. The second threat, and even more concerning to the broker/dealers, is the number of advisors choosing to go fee-only. As the SEC’s adoption of RegBI makes doing transactional business increasingly difficult, numerous broker/dealers are positioning themselves more as RIAs and less as broker/dealers. We’ve had an increasing volume of discussions with advisors who are at the crossroads of: “When is it appropriate to get my own RIA?”...

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Breaking Bad Broker-Dealer Behaviors

15:10 04 June in Articles Written by Jon Henschen by rafferty

June 3, 2020 By Jon Henschen, ThinkAdvisor Some IBDs are targeting advisors set to depart by playing hardball; here's a look at five specific tactics these firms are using. When I formed our recruiting firm in 2001, we recruited advisors not only to independent broker-dealers but also to regional broker-dealers and wirehouse firms. After six months, we made a conscientious decision to narrow our focus to recruiting to just IBDs. We enjoyed conversing with staff with independent broker- dealers and their advisors, who tended to be more entrepreneurial and displayed a substantially lower “ego factor.” Working with IBDs was far less corporate — meaning more streamlined and less bureaucratic. In other words, working with them was a delight. Having worked as a broker in the ‘90s at both Prudential Securities and Merrill Lynch, I found it to...

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Ex-Ladenburg BDs May Face Culture Clash

15:27 13 May in Articles Written by Jon Henschen by rafferty

May 12, 2020 By Jon Henschen, ThinkAdvisor Layers of questions now come up around fees, compliance policies and back-office services. For advisors at the three midsize broker-dealers formerly owned by Ladenburg Thalmann and now being merged under Advisor Group ownership, what’s most difficult as they look ahead is that their BD ties are relationship-driven, and the BD culture matters to them. Those advisors with KMS Financial Services, Securities Service Network and Investacorp who are largely self-sufficient and don’t use the back office very often may not feel much impact from these changes. But for advisors who use the back office on a regular basis and have easy access to key staffers whom they rely on, their world will be changing greatly. (KMS, SSN and Investacorp will become part of Securities America by year-end, while Triad...