In the News

Broker-Dealer Pacific West to Close Its Doors

17:11 09 December in In the News by rafferty

December 6, 2011 by Jon Sullivan and featured on AdvisorOne Multi-Financial Securities signs recruiting agreement for Pacific West reps In a further sign of economic and legal trouble for the independent broker-dealer space, Pacific West Financial Group, based in Renton, Wash., announced it was discontinuing operations. The firm also said it has entered into an agreement with Denver-based Multi-Financial Securities Corp., to “bring over select advisors from Pacific West and facilitate a seamless transition experience for the advisors and their clients.” The agreement is subject to FINRA approval. “We have been evaluating for some time, from an ownership perspective, how much sense it makes to continue,” said Tony Pizelo, Pacific West’s CEO, in an interview. “The business is calling for independent firms to take on greater and greater risk, but the reward is not in...

Mid-Sized IBD Shifts Into Growth Mode

18:07 05 December in In the News by rafferty

December, 2011 by Diana Britton and featured in Registered Rep Tampa, Fla.-based Calton & Associates, an independent broker/dealer with over $2 billion in assets, has recently ramped up its marketing and recruiting efforts after flying under the radar for the last 25 years. The firm plans to build itself up through mergers and acquisitions with smaller b/ds as well as by bringing on new reps and RIAs.“The regulatory requirements for a $250,000 b/d, like we are, just continue to mount,” said Dwayne Calton, president and CEO of Calton. “If you’re not growing, you’re dying; you just don’t know it yet.” To solidify its plans, Calton recently formed a recruiting and marketing agreement with John Simmers, who co-founded IBD Financial Network Investment Corporation, which eventually became part of the ING Advisors Network, and Scott...

Ladenburg Thalmann to Buy Securities America

11:41 26 October in In the News by rafferty

September 28, 2011 by Janet Levaux at Research Magazine Ladenburg Thalmann said that it planned to pay Ameriprise Financial $150 million in cash for Securities America in late August. In addition, the Miami-based broker-dealer says it will pay up to $70 million in 2012 and 2013 in so-called earn-outs, as the firm explained in an SEC report. Plus, Ameriprise continues to be responsible for any costs related to the sale of certain private-placements. News has also been reported about the size of retention bonuses being offered to Securities America’s 1,700 advisors, who are led by Jim Nagengast. (Ladenburg Thalmann says it cannot comment on matters other than what is said in the 8-K filing.) As for the additional $70 million being promised to Ameriprise, this ...