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Large independent broker-dealers continue to make headway with recruits

21:38 01 May in In the News by rafferty

May 1, 2017 By Bruce Kelly, Investment News   After a strong recruiting year in 2016, large broker-dealers continued to ring up recruiting gains in the first quarter. For example, Ameriprise Financial Inc. said that close to 100 veteran advisers moved their practices to the firm in the first quarter, compared to 77 in the prior quarter. Commonwealth Financial Network continued to attract advisers, snagging advisers producing about $15 million in total revenue — known as gross dealer concession in the industry — for the second consecutive quarter, according to a senior executive at the firm. And LPL Financial Holdings Inc. said that it added 95 advisers in the quarter, but those gains were tallied only after excluding the previously discussed large departures of advisers — 118 — related to institutional clients and client separations. With...

Fundfire a Financial Times Service

Ameriprise Acquires $8B Indie Brokerage

17:42 26 April in In the News by rafferty

April 25, 2017 By Danielle Verbringe, FundFire   Ameriprise Financial has announced plans to acquire Investment Professionals Inc. (IPI), in a deal poised to add 200 advisors and $8 billion in client assets. IPI, a San Antonio, Texas-based independent broker-dealer which specializes in providing investment programs to banks and credit unions, will operate as a new Ameriprise advisor channel focused on serving financial institutions, according to a press release from Ameriprise. “We see this as a new growth opportunity and another avenue for providing an outstanding client experience,” said Pat O’Connell, executive v.p. of Ameriprise Advisor Group, in an email response to questions. Scott Barnes, chairman and founder of IPI, will serve in an advisory role with Ameriprise. Jay McAnelly, president and CEO of IPI, will also join, reporting to O’Connell. “We’re confident IPI advisors will see...

Will Schwab’s New Hybrid Platform Steal Clients From Schwab RIAs?

16:07 20 March in In the News by rafferty

March 14, 2017 By Janet Levaux, ThinkAdvisor    It's possible that the new offering could lure advisor clients away, argues one recruiter, while another disagrees Charles Schwab unveiled its anticipated hybrid advisory service, Schwab Intelligent Advisory, on Tuesday. Investors seeking both human and digital advice can sign up for the service, which charges an annual fee of 0.28% to manage at least $25,000 of assets (including a quarterly maximum fee of $900). For the fee, investors will receive a specific financial plan, ongoing advice and input from veteran planning consultants, as well as an automated portfolio. The rollout comes six weeks after robo-advisor Betterment launched its own hybrid offerings. “Robo-advisors are now upping their game by providing access to financial advisors in addition to their firm’s automated investment offerings. That [hybrid offering] is a potent combination...