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Ron Carson’s jump from LPL a big win for Cetera

16:45 19 November in In the News by rafferty

November 18, 2016 By Bruce Kelly, Investment News CEO Robert Moore proves he's not afraid to go toe-to-toe with LPL to recruit top advisers When Robert Moore joined Cetera Financial Group in May as chairman, and later became CEO, many in the industry wondered if he would recruit head-to-head with his old employer, LPL Financial. They now have their answer. Mr. Moore and Cetera have landed one of LPL's largest and well-known brokers, Ron Carson, who heads a practice with $7.4 billion in client assets, according to a source with knowledge of the move. The move could also have a big impact on LPL. Mr. Carson's departure could make other brokers nervous, said one analyst. “You are losing one of your big, figurehead advisers, someone who other advisers see as a role model, and they ask, 'why is...

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FINRA Sweeps Broker-Dealers’ Cross-Selling Practices

15:35 30 October in In the News by rafferty

October 28, 2016 By Melanie Waddell, ThinkAdvisor FINRA focused on nature, scope of BDs’ cross-selling activities and whether they are adequately supervised The Financial Industry Regulatory Authority has launched a review of broker-dealers’ cross-selling programs, and is probing BDs on a laundry list of questions, including whether they’ve opened accounts for clients without their consent. FINRA said in a statement that the self-regulator “often undertakes targeted reviews in areas of regulatory interest. In light of recent issues related to cross-selling, FINRA is focused on the nature and scope of broker-dealers’ cross-selling activities and whether they are adequately supervising these activities by their registered employees to protect investors.” The self-regulator’s probe comes on the heels of the Wells Fargo fake accounts scandal, in which the bank opened 2 million unauthorized accounts to reach cross-sale goals. The bank...

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LPL Suitors Most Likely PE Firms

16:39 15 October in In the News by rafferty

October 13, 2016 By Dan Jamieson, Financial Advisor The most likely potential buyer for LPL Financial -- assuming a deal is done -- would be a private equity firm, observers say. And LPL reps say they’d be fine with that. Reuters reported Tuesday that LPL, the largest independent broker-dealer in the United States, is exploring strategic alternatives, including a potential sale. The news service cited unnamed sources who were familiar with the matter. LPL is working with investment bank Goldman Sachs Group Inc. on a sale process that has attracted other companies and private equity firms, Reuters reported. LPL and Goldman Sachs both declined to comment. As owners, private equity firms would solve LPL’s difficulty in trying to meet Wall Street’s growth expectations, said Dan Seivert, chief executive of Echelon Partners, a mergers and acquisitions consultant. “The goal for the...