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Tax Prep Software Firm Blucora Buys HD Vest for $580 Million

16:44 14 October in In the News by rafferty

October 14, 2015 By Megan Leonhart, WealthManagement.com   The owner of tax preparation software TaxACT on Wednesday agreed to purchase tax-centric broker/dealer HD Vest Financial Services for $580 million. Under the terms of the agreement, BluCora will acquire the parent company of privately-held HD Vest. Previously, the Irving, Texas-based broker/dealer—which has 4,500 advisors who manage $36 billion in client assets—was owned by an investor group led by Parthenon Capital Partners and includes Lovell Minnick Partners and Fisher Lynch. HD Vest will continue to operate as a stand-alone entity under its current brand, with Roger Ochs, president and CEO of the firm, maintaining his current role. “With Blucora, we have found a partner who recognizes the value-creating potential in our size, scale and robust growth prospects, and who will provide HD Vest the advantages of operating within...

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What’s Next for LPL, Marcato & Casady?

15:51 07 October in In the News by rafferty

October 6, 2015 By Janet Levaux, ThinkAdvisor   With active investor Richard McGuire snapping at its heels, the independent broker-dealer may have to up its game LPL Financial (LPLA) experts share regular forecasts on market trends and strategy. These days, outsiders are busy predicting what could happen over the next year or so two weeks after the hedge fund group Marcato Capital took a 6.3% stake in the independent broker-dealer. UBS downgraded its rating on LPL last week, helping to push its stock price down to about $36. It now trades near $39, down from its 52-week high of roughly $48. “LPL’s stock price has languished,” said Chip Roame, head of Tiburon Strategic Advisors, a research and consulting group. That downward trend in its equity price may have prompted Marcato, which is led by Richard McGuire,...

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5 New Compliance Headaches for Advisors, BDs

16:37 04 September in In the News by rafferty

September 3, 2015 By Melanie Waddell, ThinkAdvisor   As Labor Day approaches, here are five big compliance developments advisors may have missed over the summer Pressures on compliance professionals at advisory firms and broker-dealers continue to mount as the Securities and Exchange Commission, the Obama administration, the Financial Industry Regulatory Authority and the Department of Labor are gearing up to usher in new requirements. While compliance is increasingly becoming a core function at advisory firms and broker-dealers, with firms hiring more personnel to help in this area, a recent Cipperman Compliance survey found that firms still aren’t devoting enough manpower or funds to their compliance programs. A recent poll conducted by the Investment Adviser Association found that firms continue to try and keep up with ongoing compliance challenges such as cybersecurity, custody of client assets, advertising/marketing, fraud prevention...