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In the News

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Kestra CEO James Poer wants to set the record straight on private equity

19:13 01 December in In the News by rafferty

November 19, 2018 By Tobias Salinger, Financial Planning The wealth management industry has a misunderstanding about private equity, according to Kestra Financial CEO James Poer. “Private equity’s not evil. Private equity’s just an investor,” he said in an hour-long interview at the Stone Point Capital-backed independent broker-dealer’s headquarters in Austin, Texas. “It’s that simple.” Poer bristles at suggestions that PE ownership acts as a downside for the 2,300 advisors at Kestra and subsidiaries Kestra Private Wealth Services and H. Beck. He also takes exception with the notion that the firm has not been active in acquisitions this year or that it should be recruiting new advisors en masse. However, some of the firm’s rivals have been boosting their advisory ranks through recruiting and acquisitions. In one of its recent recruiting campaigns, LPL Financial called PE owners...

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Cetera to retain about 25 advisors, $1B in client assets from departing OSJ

17:27 02 November in In the News by rafferty

November 1, 2018 By Tobias Salinger, Financial Planning Cetera Financial Group will retain about a quarter of the advisors and production of a major office of supervisory jurisdiction decamping to rival LPL Financial. Regional director Cheryl Kunstle of Cetera Advisor Networks expects to keep 25 to 30 advisors with $1 billion in client assets and $5 million to $6 million in production out of the Exemplar Financial Network, Kunstle says. Most advisors opting to join LPL will have left by the end of the year, according to Kunstle. The move by the Chicago-area OSJ, which has nearly $4 billion in client assets and about 110 producing advisors, followed at least six other new ex-Cetera teams LPL has announced in a series of press releases since late August. The No. 1 IBD added a net...

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LPL Drops Asset Minimum for New Reps, But …

16:49 25 October in In the News by rafferty

October 23, 2018 By Janet Levaux, ThinkAdvisor   As it prepares to announce its third-quarter earnings results, LPL Financial has removed a hurdle for advisors seeking to join a hybrid registered investment advisory group. On Monday,  national sales and consulting Managing Director Andy Kalbaugh said the firm is dropping the $50 million advisory assets requirement for new or existing advisors joining a hybrid RIA practice. Advisors looking to be part of a hybrid RIA with LPL and bringing less than $25 million in advisory assets to its platform, though, will be charged up to 5 basis points. When advisors grow to have  $25 million or more in LPL-custodied advisory AUM, the fee will be eliminated, according to Kalbaugh. The firm, though, appears to be keeping in place a fee for assets custodied outside the firm. LPL CEO...