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In the News

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Ladenburg Thalmann Is on the Block

18:06 01 November in In the News by rafferty

October 30, 2019 By Diana Britton. WealthManagement.com Ladenburg Thalmann, home to five broker/dealers and some 4,700 advisors, may be on the block, and has hired Jefferies to advise on the process of exploring its options, according to sources within the investment banking community. Sources noted that this will most likely be an acquisition by a private equity firm that either already owns a firm within the space, or is interested in entering the space in a major way. If it were sold to a private equity firm, it would most certainly be in the form of a change of ownership and taken private; it would not likely be sold in pieces, sources in the investment banking community said. Bloomberg first reported the news Tuesday. The stock jumped 12% on the report, though it has pared back some of those...

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Zero Commissions a ‘Huge Deal’ for Advisors, BDs: Henschen

20:23 09 October in In the News by rafferty

October 9, 2019 By Janet Levaux, ThinkAdvisor Broker-dealer recruiter Jon Henschen breaks down "the ripple effects" of the big brokerages' elimination of most trading commissions. After trading commissions for stocks, ETFs and options at Schwab, TD Ameritrade and E-Trade went to zero last week, there’s a “big unknown” but also a likely group of winners in the broker-dealer space and the further strengthening of a significant industry trend, according to veteran recruiter and industry watcher Jon Henschen. The move to zero commissions represents “huge savings” for advisors’ clients, making it a “huge deal,” Henschen says. “More clients will ask, ‘Why are we paying these ticket charges? Why not zero?’” The large question mark, Henschen says, concerns the response of the large clearing firms: “It will be interesting to see how clearing firms react to this...

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HD Vest, 1st Global Brands to Die as Blucora Combines the B/Ds

16:25 11 September in In the News by rafferty

September 9, 2019 By Diana Britton, WealthManagement.com Blucora’s combining its broker/dealers under the newly formed Avantax Wealth Management, in an effort to emphasize its 4,200 advisors’ tax specialty. Blucora, the parent company of tax-focused independent broker/dealers HD Vest Financial Services and 1st Global, announced plans Monday to combine the two b/ds into a new one called Avantax Wealth Management. The HD Vest and 1stGlobal brands will be retired. HD Vest, founded over 35 years ago by a CPA, was acquired by Blucora in 2015 for $580 million. 1stGlobal, acquired by the firm earlier this year for $180 million, was established over 25 years ago, with a focus on larger CPA practices. Together, the firms have 4,200 advisors with $67 billion in client assets. The two back offices will be combined into one location; Enrique Vasquez,...