In the News

Consolidation 2012: Lincoln Scoops Up Capital Analysts for HNW Foothold

16:07 08 February in In the News by rafferty

by Diana Britton and featured in Registered Rep, February 8, 2012 Lincoln Investment Planning, an independent broker/dealer in Philadelphia, announced it will acquire independent broker-dealer Capital Analysts from insurance firm Western & Southern Financial Group. The move will add some 250 advisors to Lincoln, many with a strong focus on the high net worth market, said N. Mark Marr, chief financial officer of Lincoln. Terms of the deal were not disclosed. Lincoln, not to be confused with Lincoln Financial Group, has its roots in the 403(b) and mass affluent investor space, but the Capital Analysts is part of a strategic plan to capture an edge in the high-net-worth space, Marr said. Lincoln has an aggressive growth plan, including the acquisition of Great American Advisors in 2010, which added more than 300 advisors....

Cetera Acquires Genworth, Rounds Out Business Mix

16:20 09 January in In the News by rafferty

by Diana Britton and featured in Registered Rep, January 9, 2012 Cetera Financial Group announced plans Monday to acquire Genworth Financial’s broker/dealer, Genworth Financial Investment Services (GFIS), expanding its network of broker/dealers. The move will add around 1,800 financial advisors who focus on tax and accounting services to the 5,000 already divided between Cetera’s three broker/dealers Multi-Financial , Financial Network and PrimeVest Financial. The GFIS acquisition is expected to close in 90 days. According to Genworth Financial’s web site, Cetera Financial paid $78.5 million for the broker-dealer. There is also an earnout provision based on the broker-dealer hitting revenue goals over a one-year period. Genworth expects to record a $15 million after-tax gain related to the sale of the broker-dealer. Cetera is in growth mode. Last month, the firm's Multi-Financial announced a recruiting...

Insurer-owned indie B-Ds going the way of VHS?

18:04 02 January in In the News by rafferty

December 30, 2011 by Bruce Kelly, Investment News Once the dominant player in the industry, carriers seeing reps exit; consolidation puts squeeze on Independent broker-dealers owned by insurance companies, once the dominant players of the industry, will continue to dwindle in size and importance over the coming decade, unable to keep pace with more nimble competitors that invest in, and increase, investment advisory services for reps. That's the assessment of some industry executives. To underscore that point, one leading group of advisers formerly affiliated withTower Square Securities Inc., which is owned by insurance giant MetLife Inc., left several months ago to work with a leading broker-dealer for fee-based registered reps, Cambridge Investment Research Inc. In total, 87 registered reps — including some support-staff members with securities licenses — who produce more than $10 million in gross revenue,...