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In the News

NPH advisors left with little time to make fraught LPL decision

16:02 24 October in In the News by rafferty

September 19, 2017 By Tobias Salinger, Financial Planning More than 1,600 advisors with National Planning Holdings broker-dealers face a wrenching decision: Join LPL Financial or take their practices elsewhere, with little time to make the choice. LPL plans to take over all National Planning and Investment Centers of America accounts Dec. 2, less than 120 days after LPL acquired NPH. Even before then, advisors of the two firms must make their intentions clear or risk consequences, according to a mass NPH email obtained by Financial Planning. Brokers who want to join a new BD must do so by Nov. 3, at which point the memo says NPH will terminate their registration. If they don’t move out their accounts by Oct. 5 — 29 days earlier — their clients will receive so-called negative consent letters...

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After LPL deal, $1.3B National Planning firm bolts for Commonwealth

16:53 19 October in In the News by rafferty

October 19, 2017 By Tobias Salinger, FinancialPlanning A father-son firm managing $1.3 billion in client assets opted for Commonwealth Financial Network rather than remaining with National Planning through the transition of its advisors to LPL Financial. Stuart and Michael Paris of Paris International “would have never left” National Planning if the firm’s assets had not changed hands in LPL’s big recent acquisition, Michael Paris said this week. The Great Neck, New York-based firm chose the fourth largest independent broker-dealer over the largest one. LPL’s Aug. 15 purchase boosted its own prospects while helping recruiting efforts for its competitors. The boutique-like model of Commonwealth stands as an alternative to increasingly large firms like LPL in the bifurcating IBD space, a study found earlier this month. LPL is too big for Paris, Michael Paris says. “It’s a...

MetLife Slashes Annuity Pay to Former Advisors

15:58 17 September in In the News by rafferty

Barron's September 17, 2017 MetLife is taking a hatchet to compensation on annuities sold by former advisors who went to other broker-dealers in the wake of MetLife’s sale of its Premier Client Group to Massachusetts Mutual Life Insurance, InvestmentNews reports. The publication cites a memo LPL Financial sent last week to its advisors who previously worked in MetLife’s Premier Client Group. The memo informs them that asset-based trail compensation rates will shrink to about 27% of current levels, InvestmentNews writes. For example, an advisor receiving a 100 basis-point trailing commission will see it reduced to 27 basis points, or just .27 percent of assets, the publication says. The change kicks in after markets close Friday and will affect five variable annuity contracts and 11 fixed annuity contracts. The memo clearly states that LPL wasn’t involved...