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In the News

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Small Producers at Advisor Group Won’t Get Retention Bonuses

21:09 07 August in In the News by rafferty

August 7, 2019 By Diana Britton, WealthManagement.com Details have emerged about the broker/dealer network’s retention packages, which include five-year lockups for advisors with over $600,000 in production—and nothing for sub-$250,000 producers. Diana Britton | Aug 07, 2019 Private equity firm Reverence Capital Partners completed its acquisition of independent broker/dealer network Advisor Group last Friday, and the firm has started to offer retention deals to some of the network’s 7,000 advisors. There are three components to what the firm is calling its Advisor Appreciation Program, the first being a cash award to all advisors with over $250,000 in production and who have been affiliated with Advisor Group for at least year at the close of the sale to Reverence, according to a source familiar with the program. Advisors with $250,000 to $300,000 in production will get...

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Broker-Dealers Go Courting

22:20 06 August in In the News by rafferty

August 1, 2019 By Eric Rasmussen, Financial Advisor Magazine The war for talent in the independent broker-dealer industry is real, say recruiters. Whether it’s giant firms like LPL cutting admin fees or midsize companies offering niche services like impact investing, the companies in this space are having to step up to offer better technology for their advisors, offer better back office help and better transition help. … And a nice payout isn’t bad either. “We’re about to see recruiting wars in the independent space like we’ve never seen before,” says consultant Jeff Nash, CEO of BridgeMark Strategies. “We absolutely are seeing new dollars. … Looking at all the institutional money coming into the space, it had to then kick off a whole new wave of recruiting dollars. And it has.” IBDs have been able...

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How Will Schwab’s USAA Deal Affect Advisors?

15:43 29 July in In the News by rafferty

July 26, 2019 By Janet Levaux, ThinkAdvisor Charles Schwab confirmed its expected plan to buy the brokerage and managed portfolio accounts of USAA Investment Management Company late Thursday. The $1.8 billion deal includes a referral agreement could add 1 million new accounts and about $90 billion in client assets to Schwab’s $1.9 trillion Investor Services business. The transaction comes just a few months after Schwab rolled out a subscription service for DIY investors and only a couple of days after TD Ameritrade CEO Tim Hockey announced his departure. What does it mean for Schwab’s affiliated advisors, who work with $1.8 trillion of the firm’s $3.7 trillion in total assets, and its rivals? Not much, top industry observers say. “This is a savvy retail business acquisition for Schwab, with a limited threat to financial advisors …,” said Chip Roame, head of...