In the News

LPL’s Latest Shot in Tech ‘Arms Race’: Naming Ex-IT Exec to Board

16:33 21 March in In the News by rafferty

March 18, 2013 by Janet Levaux, AdvisorOne Former Xerox CEO Anne Mulcahy should join the IBD as a board member in May LPL Financial (LPLA) said Monday that Anne Mulcahy (left), a former chairwoman and CEO of Xerox (XRX), will join its board of directors, pending stockholder approval, in May. Mulcahy will also serve on the board’s audit committee. "We're delighted to welcome Anne to our board of directors, and we look forward to having an independent director with her stature and experience strengthen our board and broaden our perspective on management and leadership," said LPL Financial Chairman and CEO Mark Casady, in a press release. Several experts are wowed by Mulcahy’s new role at LPL, which comes three months after the independent broker-dealer hired ex-Dell executive Victor Fetter as its chief information officer and made Fetter...

Expected boom in breakaways a dud so far

21:04 14 February in In the News by rafferty

February 12, 2013 by Andrew Osterland, Investment News Improved financial markets and retention money could be keeping wirehouse reps in their seats Jeff Spears, like every other executive recruiting wirehouse brokers to the independent channel, was hoping that business would pick up for his firm this year. Mr. Spears is the chief executive of Sanctuary Wealth Services LLC, which provides business support, back-office services and investment solutions for independent advisers and those interested in going independent. With another year amortizing off the typical seven-year retention packages given to thousands of wirehouse brokers after the financial crisis, Mr. Spears expected a new wave of advisers would be ready to jump ship from their Wall Street firms this year. “Everyone is saying it's a great environment for recruiting these advisers, but so far, the first quarter has...

Broker-Dealers Fight For Advisors, Scale

17:55 12 February in In the News by rafferty

by Mike Byrnes January 31, 2012 Financial Advisor The Financial Services Institute (FSI) hosted its most widely attended OneVoice conference ever this week in San Diego. A common theme in many sessions was the future of the broker-dealer industry and how it was going to impact the B-D executives in attendance. A Few Recruiters’ Perspectives A panel of recruiters shared their thoughts on the industry, from their unique perspective dealing in broker-dealer negotiations with advisors. Jodie Papike, an executive vice president at Cross-Search, says that service is important to advisors and one of the things that gets them to move to a broker-dealer. "A lot of advisors get frustrated with the service," she said. Ryan Shanks, the founder and CEO of Finetooth Consulting, said the advisors ask themselves, "Am I really tapping in to all...