In the News

Berthel Fisher has new lease on life

15:45 07 April in In the News by rafferty

by Bruce Kelly April 4, 2014,  Investment News Legal settlement means it might be clear of DBSI-related claims Since the credit crisis, the financial advice industry has been littered with the dead shells of independent broker-dealers that sold fraudulent private placements before the crash. DeWaay Financial Network Inc., GunnAllen Financial Inc., QA3 Financial Corp. and dozens of others all ran short of capital in the wake of a cascade of investor litigation, stemming from the sale of the phony or suspect deals. Indeed, 43 of the 92 broker-dealers that sold tenant-in-common exchanges – real estate deals known as TICs – sponsored by the defunct DBSI Inc. are no longer in business, according to an InvestmentNews analysis. A staggering amount, 47%, of broker-dealers that sold DBSI TICs have been closed or merged. But Berthel Fisher & Co. Financial Services Inc., one of...

What hurt LPL’s recruiting recently? Old Man Winter

16:45 08 March in In the News by rafferty

March 7, 2014, By Bruce Kelly,  Investment News Adviser growth also slowed by a bank group departure, market volatility, indie B-D powerhouse says LPL Financial has suffered a recruiting slowdown in the first quarter and puts part of the blame on an unusual factor — this winter's rough weather. In an investor presentation posted on the company's website Thursday, LPL said that its “adviser pipeline for 2014 remains healthy but [first-quarter] momentum slowed in part due to disruptive weather.” Net new financial adviser growth has also been influenced by the departure of a bank with 40 registered representatives and advisers, according to the presentation, which was made at the Bernstein Financials Summit Conference in Boston. Along with bad weather, broad stock market volatility also had a negative impact on LPL's recruiting in the first quarter, spokeswoman Betsy...

What’s Next For Nick Schorsch?

17:26 03 March in In the News by rafferty

By Dan Jamieson March 3, 2014,Financial Advisor Can Nick Schorsch really pull off his plan to create a new major player in the independent broker-dealer space? The industry is watching intently as the firm Schorsch controls, RCS Capital Corp., begins the arduous task of putting together what will be one of the biggest players among independents—with more than 9,000 advisors and around $200 billion of client assets. Publicly traded RCS Capital (RCAP) boldly staked its claim as a major independent firm in January when it agreed to buy Cetera Financial Group with its nearly 6,700 advisors and $145 billion in client assets, quickly followed by another deal, for J.P. Turner ($4.3 billion in assets and 325 advisors). Those acquisitions followed earlier purchases of First Allied Securities, Investors Capital Holdings and Summit Financial Services, all...