In the News

The Ten to Watch 2015: Errin Ford

17:48 11 August in In the News by rafferty

August 8, 2014 By Diana Britton, Wealth Management.com   The Successor Name: Erinn Ford Age: 44 Position: President, Cetera Advisors Location: Seattle; Denver Education: B.A., University of Washington; Series 7, 24, 65, 63 In early 2012, independent broker/dealer Pacific West Securities was hit with a $2.1 million arbitration award over sales of tenant-in-common (TIC) real estate investments—a situation where more than one entity owns a piece of property. The firm, already struggling with thinning profits, decided it was time to close its doors and move its reps (240 at the time) to Cetera Advisors. Erinn Ford, then Pacific West’s chief operating officer and head of marketing, handled the situation gracefully, by all accounts. Ford was recently named president of Cetera Advisors. Earlier this year, the entire Cetera network was purchased by RCS Capital Corp., run by Nicholas Schorsch, one of REP.’s...

RCAP’s Profit Jumps 12% as B/Ds Are Integrated

19:19 08 August in In the News by rafferty

August 7, 2014 By Diana Britton, Wealth Management.com   On the heels of the firm’s latest acquisition of independent broker/dealer VSR Financial, RCS Capital Corp. (RCAP) reported adjusted net income of $42.6 million, or 49 cents a share, for the second quarter, up 12 percent from the same period a year ago. Revenues were up 22 percent to $825.7 million. During a second quarter earnings call Thursday afternoon, RCAP executives said the firm had completed all five previously announced acquisitions of broker/dealers, including First Allied, Cetera, Investors Capital, Summit Financial Services and J.P. Turner. Executives are now focused on integration, and so far the firm has retained 97 percent of its advisors (based on gross dealer concessions), said Bill Kahane, CEO. Not including VSR, RCAP currently has 9,200 advisors and $214 billion in assets under administration,...

Searching High And Low

16:09 05 August in In the News by rafferty

August 2014 Financial Advisor magazine By Dan Jamieson   Independent broker-dealers looking to add new advisors might just want a “Goldilocks” type of market this year—one that’s not too hot, not too cold, but just stable enough to give advisors some confidence to make a career move. “It’s hard to recruit right now [when] the market is doing what it’s been doing,” agrees Brad Fay, president of IBDSearch LLC. “There has not been a compelling reason to switch” firms. But after several good years in the markets, advisors and clients “feel stable, and now might be the time [that advisors] think about” a move, says Scott Miller, president of FirstPoint Partners LLC, a recruiting firm. LPL Financial added just 53 net new advisors in the first quarter of this year, a relatively slow pace next to the 321...