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In the News

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With Questar-Woodbury Deal, What’s Next for Insurance-Owned BDs?

22:11 12 October in In the News by rafferty

October 12, 2018 By Janet Levaux, ThinkAdvisor As Allianz Life Insurance moves to get out of the advisory business, it has struck a deal with Advisor Group-owned independent broker-dealer Woodbury Financial Services, which will get “preferred” treatment in recruiting 640 registered reps with Questar Capital. Woodbury has about 1,200 advisors and is based in Oakdale, Minnesota. The other Advisor Group IBDs are FSC Securities Corp., Royal Alliance Associates and SagePoint Financial. News of the Woodbury deal came as no surprise to some industry insiders. This summer, Royal Alliance said it was acquiring Signator Investors from John Hancock — a transaction that could double its size to as many as 3,600 financial advisors and other professionals. And a year ago this month, LPL Financial announcing its acquisition of four broker-dealers owned by Jackson National Life affiliate National Planning...

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Cetera Financial Group selling stock to its advisers

20:59 05 October in In the News by rafferty

October 5, 2018 By Bruce Kelly, Investment News New stock and business loan plans are part of a broader outreach to 8,000 advisers As part of a broad plan to bolster its 8,000 financial advisers, the recently sold Cetera Financial Group is offering its advisers loans to invest in their practices and an opportunity to buy stock in the company. In a press release Thursday, Cetera said the company had created "two types of attractive, growth-oriented loans" for business purposes, with examples including "lead generation initiatives and succession planning." The company also said that it had "unveiled an equity value participation program for existing, as well as for new, advisers, which is unique to the profession." Those opportunities were part of Cetera's new Advisor Alignment program, which includes committees of advisers focusing on various aspects...

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Ladenburg not dependent on ex-chairman’s capital for growth, CEO says

16:01 02 October in In the News by rafferty

October 1, 2018 By Tobias Salinger, Financial Planning The SEC charges against Ladenburg Thalmann’s primary shareholder will not affect access to capital for its 4,300-advisor independent broker-dealer network, CEO Dick Lampen says. Phillip Frost retired from the Miami-based firm’s board on Sept. 20, two weeks after the SEC accused him of involvement with a $27 million pump-and-dump scheme. In addition to the network of five IBDs, Ladenburg’s subsidiaries also include its 139-year old investment bank, an asset management unit, an insurance brokerage and a trust division. The company’s various entities hold $250 million in cash with a book value above $390 million, Lampen noted in a statement. Ladenburg is “very pleased about how well-positioned our company is today for continued industry leadership,” he said, noting it also has $600 million “in permanent capital and long-term...