sidebar

Connect: 319-210-7700

Connect: 319-210-7700

In the News

Wealth Management logo

Raymond James Launches Corporate RIA for Fee-Only Advisors

16:35 16 May in In the News by rafferty

May 12, 2022 By Diana Britton, WealthManagement.com The new model, which sits inside the independent contractors division, is geared toward advisors who want to drop the Series 7 yet don't want to run their own registered investment advisor.   Raymond James has introduced a new Corporate Registered Investment Advisor model, aimed at fee-only advisors who don’t want to run their own RIA yet don't need the association with a broker/dealer. Under the new model, advisors would affiliate with Raymond James’ existing corporate RIA, Raymond James Financial Services Advisors, and drop their Series 7 license with the Financial Industry Regulatory Authority, if they still have it. This would allow advisors to operate as a fee-only fiduciary, with no commission business. “There’s an attraction now to be able to say, ‘I’m a fiduciary,’ and one way that they can...

Investment News logo

Avantax Boosts Recruiting Bonus to Add Advisers

13:02 09 May in In the News by rafferty

May 6, 2022 By Bruce Kelly, Investment News Providing hefty bonuses to recruit financial advisers is like a sugar rush: sweet at first but it comes with a downside. After seeing hundreds of advisers walk out the door last year in the wake of an unpopular fee it announced in 2020, Avantax Investment Services Inc. has slowed the bleeding by paying new recruits bonuses up to two to three times the industry norm as part of a package to get them to move to the firm. The broker-dealer arm of Blucora Inc., Avantax, which focuses on advisers who are aligned with or also work as accountants and tax professionals, said in 2020 that it was introducing a new $60 annual fee for advisers’ accounts at outside money managers, a popular way for advisers to conduct business directly with...

Investment News logo

Fee Revenue Surged at the Largest IBD’s Last Year

22:54 03 May in In the News by rafferty

May 2, 2022 By Bruce Kelly, Investment News Independent broker-dealers, so called because they pay advisers as independent contractors and not employees, continued to see a surge in revenue last year from advisers charging clients fees, a notable achievement for an industry that less than a decade saw the majority of its revenue derive from commissions on the sales of products. Indeed, the rising tide in revenue from fees, which firms typically charge clients based on assets and before the start of a new quarter, was so strong among the largest independent broker-dealers that in 2021 fees comprised 54% of revenue from the top 25 broker-dealers in this year’s InvestmentNews survey. Meanwhile, revenue from commissions was 34% and other revenue, primarily generated from interest-rate spreads, was 12% Those InvestmentNews calculations don’t capture the entire IBD marketplace: They...