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In the News

Commonwealth Financial to recruiters: Lay off MassMutual reps

17:23 07 March in In the News by rafferty

March 4, 2021 By Bruce Kelly, Investment News The Commonwealth Financial Network advised outside recruiters not to engage with MassMutual's reps. The company doesn't want to step on any toes due to a licensing agreement involving a tech firm it once owned. Commonwealth Financial Network, a leading broker-dealer and registered investment adviser, took the unusual step this week of telling outside, third-party recruiters to back away from referring reps from MML Investors Services, the broker-dealer arm of Massachusetts Mutual Life Insurance Co., known as MassMutual, a leading insurance and retirement company. The reason? Commonwealth Financial Network and MassMutual struck a software deal two years ago, in which Commonwealth’s stand-alone technology company, Advisor360, entered into a licensing agreement that made Commonwealth’s suite of software tools available to the insurance company’s advisers, who are registered with...

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Recruiting Loans Climb at Ameriprise, LPL

16:30 05 March in In the News by rafferty

March 3, 2021 By Jake Martin, AdvisorHub Recruiting loan balances at Ameriprise Financial and LPL Financial continued their ascent in 2020 as the firms sought to build their sales network in independent and employee brokerage channels. Ameriprise ended 2020 with $715 million of recruiting loans on its balance sheet, according to its annual report, a 10.8% jump from 12 months earlier. The Minneapolis-based firm originated $171 million in such loans in 2020, up nearly 25% from the end of 2019 and up 69% from $101 million two years earlier, according to the report. The increases in the hiring bonuses reflect the surprising strength of broker movement across the industry during the pandemic year and the particular ability of independent broker-dealers to attract brokers from employee channels. LPL is the biggest broker-dealer with more than...

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Midsize Advisor Group IBD SagePoint taps head recruiter as next CEO

20:22 22 February in In the News by rafferty

February 18, 2021 By Tobias Salinger, Financial Planning   A midsize Advisor Group firm tapped its head recruiting executive to be CEO, as the private-equity-backed firm seeks a leg up in the highly competitive advisor talent race. SagePoint Financial picked Desireé Sii to replace retiring CEO Jeff Auld after his 13-year tenure, the independent broker-dealer said Feb. 8. Only five other firms out of 50 in Financial Planning’s annual IBD Elite rankings list women as their chief executive. Phoenix-based SagePoint is the fourth-largest firm in Advisor Group’s network and No. 20 in the sector.   Read the full article on FinancialPlanning.com...