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In the News

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Some new Advisor Group reps staring at reduced pay grid

19:44 23 June in In the News by rafferty

June 23, 2020 By Bruce Kelly, Investment News Any cuts to payout will be offset by tools and technology, according to the broker-dealer Some reps and advisers who formerly worked at Ladenburg Thalmann broker-dealers are looking at potentially reduced payouts as they make the shift later this year to integration into the Advisor Group network, which in February completed its $1.3 billion acquisition of Ladenburg Thalmann Financial Services Inc. For example, advisers must generate much more revenue at Securities America Inc. — $750,000 — to see a payout of 95% of each dollar in sales he or she generates, according to industry executives. Payout at Securities America falls to 92% of sales below that amount. That means advisers at Securities Service Network, known as SSN and one of the broker-dealers scheduled to be merged into...

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Has Schwab Won the RIA War?

19:53 10 June in In the News by rafferty

June 10, 2020 By Janet Levaux, ThinkAdvisor Consolidation is everywhere, but new options for RIAs are rapidly emerging, Joel Bruckenstein and others say. Charles Schwab received lots of good news last week, with the Justice Department and shareholders approving its $26 billion merger with rival TD Ameritrade. The firms, which collectively work with more than 10,000 RIAs and $5 trillion, should come together by year-end. The technology and related integration, though, requires 18 to 36 months. The industry was “pretty much expecting this outcome, so it’s not a big surprise to anyone,” said Tim Welsh, head of the consultancy Nexus Strategy. “However, it does remove uncertainty, so we expect to see RIAs affiliated with TD Ameritrade ramp up their search and inquiries for a new custodian, particularly smaller firms who fear a lower service level and...

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1,400 advisors on the move as Advisor Group merges 3 IBDs into Securities America

15:18 18 May in In the News by rafferty

May 15, 2020 By Tobias Salinger, Financial Planning A deal that reshaped the independent broker-dealer sector is realigning thousands of financial advisors in its wake. After two credit downgrades and a pledge by its CEO to fold Ladenburg Thalmann into its structure, Advisor Group is merging three of the IBDs it acquired earlier this year for $1.3 billion into the largest one of the ex-Ladenburg network. By consolidating Investacorp, Securities Service Network and KMS Financial Services into Securities America, the Phoenix-based firm will more quickly deploy technology and other services for the 4,400 financial advisors affiliated with the current crop of five IBDs, CEO Jamie Price said in an interview. Price rejects any connection between the impact of the coronavirus on Advisor Group’s business and the decision to integrate the firms. At the same time,...