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What Do Raymond James’ Layoffs Mean for Advisor Recruiting?

14:52 21 September in In the News by rafferty

September 16, 2020 By Janet Levaux, ThinkAdvisor Raymond James is trimming close to 4% of its workforce of 13,900 employees in and outside the U.S. — or roughly 500 positions. But will the firm, which has over 8,100 advisors and added a net 251 in the past year, see any impact from the move on its recruiting efforts — including the transition packages it offers? “It’s part of an overall industry trend,” said Mark Elzweig, an executive search consultant based in New York, about the job cuts. Raymond James’ announcement Tuesday about layoffs followed similar news from Wells Fargo and Citigroup, which had paused layoffs earlier this year due to pandemic and recently resumed them. Worldwide, some 64,000 positions have been eliminated at banks so far this year, according to Bloomberg, which estimates that close to...

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LPL Raises Curtain on New Employee Channel

16:51 19 August in In the News by rafferty

August 5, 2020 By Mason Braswell, AdvisorHub LPL Financial, the largest provider of brokerage services sold through independent contractors, has unveiled a new “channel” for brokers who want to join as employees with more support from the company than their fully independent colleagues. In return for firm-provided technology, office space, benefits and back-office services, brokers who want “ownership of their book of business” but are willing to keep a smaller percentage of fees and commissions can receive grid-based payouts of 50% to 70%, LPL said Wednesday. (The top number requires annual production of at least $5 million.) The payout is lower than the 80% to 92% that independent brokers typically retain, but higher than the 25%-50% range available at most employee-model firms that also provide a wide range of products, research and other services...

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Securities America warns of service slowdown as consolidation begins

19:37 22 July in In the News by rafferty

July 22, 2020 By Bruce Kelly, Investment News Advisers are experiencing "longer than usual wait times," according to a memo Securities America Inc., one of the major broker-dealers in the burgeoning Advisor Group network, on Monday morning warned its advisers of longer than usual times to deal with advisers’ phone calls as it begins a major merger. The notice regarding slowdowns in services comes as the firm is in the process of absorbing 1,200 advisers from Advisor Group’s recent acquisition of Ladenburg Thalmann Financial Services Inc. Snafus in technology or service, irritating and at times infuriating to financial advisers, are common during large broker-dealer mergers. Advisor Group said in May it was going to shut down three of the Ladenburg firms and move those advisers over the summer onto the platform of Securities America, the...