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In the News

Financial Advisor IQ a Financial Times Service

B-D Recruiters Poised to Scoop Up Unhappy FAs in Mega-Merger Fallout

21:55 14 February in In the News by rafferty

January 20, 2020 By Mrinalini Krishna, Financial Advisor IQ Broker-dealer recruiters are getting set for a big year of advisor movement off the back of last year’s mega-mergers. The last quarter of 2019 rounded up with the announcement of two mega-mergers — Charles Schwab’s acquisition of TD Ameritrade and the Ladenburg Thalmann-Advisor Group deal. At that time, many recruiters considered those announcements opportunities for competitors to lure any unhappy advisors left in the wake of those unions. And some broker-dealer recruitment bosses agree. The Ladenburg Thalmann-Advisor Group deal LPL Financial’s managing director and divisional president of business development Rich Steinmeier is confident of the firm’s chances of nabbing independent advisors, especially in the aftermath of the Ladenburg Thalmann and Advisor Group deal. “Traditionally, when you see a firm change hands, there usually is an increased number...

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As Voya Financial sells off insurance groups, attention turns to its broker-dealer

01:03 31 January in In the News by rafferty

January 30, 2020 By Bruce Kelly, Investment News Voya Financial Inc. last month said it was selling its individual life insurance business, two years after it said it was selling its annuities businesses. The company has said publicly that it intends to focus on retirement, investment management and employee benefits businesses, and its broker-dealer, Voya Financial Advisors Inc., is tucked under its retirement group. But some in the industry perceive that Voya Financial, with roughly 1,700 advisers, could be the next broker-dealer up for sale, particularly as private equity funds are throwing money at and buying large broker-dealer networks like Advisor Group and Cetera Financial Group. Voya Financial is in the early exploratory stages of a sale of the broker-dealer but has not yet hired an investment bank, said an industry executive familiar with the...

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Advisor retention under spotlight after Advisor Group-Ladenburg deal

21:18 06 January in In the News by rafferty

January 6, 2020 By Tobias Salinger, Financial Planning When sealing a deal to buy another firm, independent broker-dealers also acquire a fight: Recruiting and retaining advisors from the purchased firm. For the 4,400 advisors affiliated with Ladenburg Thalmann’s five independent broker-dealers, the close of Advisor Group’s deal to acquire the Miami-based firm won’t mean a change. But the Ladenburg firms are combining with Phoenix-based Advisor Group’s four companies into a Brady Bunch of a network, with nine different IBDs and 11,500 advisors. The parties promise it won’t be a rerun of other deals, in which advisors lose their longtime beloved BD partner under a merger into a larger firm. Still, since Advisor Group knows it must somehow form a family after purchasing Ladenburg for $1.3 billion, its IBD rivals will be on the lookout...