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Articles Written by Jon Henschen

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What Advisors, BDs Should Do About Ohio National’s End of Trailing Commissions

19:19 01 December in Articles Written by Jon Henschen by rafferty

November 20, 2018 By Jon Henschen, ThinkAdvisor The insurance company's decision to stop trails on variable annuities is now the target of numerous lawsuits, which could spread like wildfire through the industry.   Ohio National’s decision to stop trail payments has started a wave of legal actions — and this is before the change is set to take effect on Dec. 12, 2018. Here’s a list of some of the legal actions being taken against Ohio National: LPL Financial representative Lance Browning filed a lawsuit in federal district court; Veritas Independent Partners filed a lawsuit in federal district court; Commonwealth Financial Network has filed a lawsuit as well as an arbitration claim; Cetera Advisor Networks and First Allied filed suit, claiming breach of contractual obligations for Ohio National’s failure to pay millions of dollars in compensation;...

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How Dan Arnold Is Driving Change at LPL

19:44 27 November in Articles Written by Jon Henschen by rafferty

November 27, 2018 By Jon Henschen, ThinkAdvisor LPL appears to have had a “come to Jesus” moment of self-reflection, as it grapples with some long-standing issues voiced by advisors. Last year, we were privy to the story of a mid-sized broker-dealer that had been experiencing stagnant growth for years and thus was ready to make the changes required to become a recruiting magnet and reignite growth. Working with a consultant to guide them on this new path, they hired two recruiters and, on the surface, agreed to offer forgivable transition notes to onboarding advisors and cover airfare and hotel for due-diligence visits to the office. But broker-dealer management failed to prepare staff for the consequences of adding a significant number of advisors and how this growth would impact staffing needs and workloads. There was little communication...

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Why the U.S. Must Become an ‘Aspirational’ Society Once Again

17:28 22 October in Articles Written by Jon Henschen by rafferty

October 19, 2018 By Jon Henschen, Intellectual Takeout   When a society feels that the solution for poverty is for the poor to have the opportunity to become rich through hard work and self-improvement, you have an aspirational society. The United States could be classified by this term once upon a time, but in more recent years it has morphed into an envious society instead. Current aspirational societies include Hong Kong, Singapore, South Korea, Switzerland, and Chile. By contrast, France is a society consumed by envy. In France, it is all too common for neighbors to call authorities out of envy claiming their neighbor isn’t paying taxes because they installed a swimming pool or bought an expensive car. This envy stems from a mentality that the economy is a finite pie and inequality results if...