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In the News

financial advisors

LPL Puts Morrissey In Charge Of Recruiting In Shuffle

17:17 09 January in In the News by rafferty

January 7, 2015 by Dan Jamieson, Financial Advisor   In a management shuffle, LPL Financial will be putting managing director Bill Morrissey in charge of recruiting for all of the firm’s channels, and Andy Kalbaugh, also a managing director, will be in charge of advisor consulting services for the entire firm. The changes are set to take effect January 11, said LPL spokesman Peter Gilchrist. Morrissey, based in San Diego, is currently responsible for both recruiting and consulting services for LPL’s independent broker-dealers. Kalbaugh, based in Charlotte, N.C., has had the same role for the firm’s hybrid channel and institutional unit, which services banks and credit unions. The move will better fit the talents of both executives, Gilchrist said, and better support the firm’s 14,000-plus advisors. (LPL’s consulting services provide advisors with practice-management and succession-planning support.) Refocusing Morrissey on recruiting...

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As Cetera Splits From RCAP, Will Its Advisors Split, Too?

23:38 05 January in In the News by rafferty

January 5, 2015 By Janet Levaux   Industry observers say the spinoff could make Cetera more attractive to buyers down the road Some 9,000 independent advisors affiliated with the Cetera Financial Group, along with plenty of industry watchers, are digesting the news that the firm is being separated from its troubled parent company, RCS Capital (RCAP) – which on Monday announced plans to file for bankruptcy and restructure its operations. “For sure, some of the Cetera advisors must be stunned,” said Mark Elzweig, a New York-based executive search consultant, in an interview with ThinkAdvisor. “I have to believe that many of these advisors were expecting a private-equity group … waiting in the wings, based on the latest industry rumors.” RCAP said Monday, however, that it is set to receive a $150 million capital infusion. Plus, Cetera intends...

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With IBD Business Model Threatened, Who Wants to Buy One?

19:27 17 December in In the News by rafferty

December 17, 2015 By Janet Levaux, ThinkAdvisor With talk of the possible sale of the AIG Advisor Group and Cetera, insiders share their views on the state of indie brokerage business As billionaire investor Carl Icahn pressures AIG to break up its different parts, speculation continues as to which firm might purchase the AIG Advisor Group, which includes the independent broker-dealers FSC Securities, Royal Alliance, SagePoint Financial and Woodbury Financial. Meanwhile, the Cetera Financial Group of IBDs, which Lightyear Capital sold to now-troubled RCS Capital for $1.15 billion in 2014, appears to be on the auction block as well. But does buying a group of IBDs make sense in the current economic and regulatory climate? “I think the traditional IBD model is under threat,” said Chip Roame, head of the consultancy Tiburon Strategic Advisors, in...