In the News

A Slowdown In The Big Migration

22:30 10 August in In the News by rafferty

August 3, 2015 By Dan Jamieson, Financial Advisor Magazine   Perversely, independent B-Ds would benefit if advisors were feeling a bit more pain. That is to say, if equity markets were to sour, or if a major independent firm were to screw up, more advisors might be motivated to change firms. As it is now, though, things are going well and movement is sluggish. “It’s a very slow environment,” says Larry Papike, president of Cross-Search in Jamul, Calif., a recruiting firm for independent reps. “For the first time ever, firms are calling me, saying, ‘Send me some business!’” he says. Papike and others credit the lackluster pace to the IBD industry itself, which has done a good job of supporting advisors without any major slipups with technology or failed mergers that motivate advisors to find new homes. “There are...

Cetera Shuttering Broker-Dealer, Pushing Out Some Reps

17:47 31 July in In the News by rafferty

July 30, 2015 By Janet Levaux, ThinkAdvisor   Recruiter says about half of the J.P. Turner advisors have been invited to join Summit Brokerage Cetera Financial Group says it has moved to close an independent broker-dealer it acquired in 2014, mainly due to issues regarding its main clearing partner. “Cetera Financial Group is winding down J.P. Turner in order to enable advisors at that firm to more rapidly access the full range of services and support our network offers through Pershing,” said CEO Larry Roth in a statement shared with ThinkAdvisor late Thursday. When it became clear that Pershing would not add J.P. Turner to its clearing platform, advisors decided it made sense for the roughly 300 J.P. Turner reps to move to Summit Brokerage Services, another BD acquired last year by Cetera’s parent firm, RCS Capital (RCAP). According...

Cetera closing J.P. Turner, offering some brokers jobs at Summit

20:10 30 July in In the News by rafferty

July 30, 2015 Bruce Kelly, Investment News   CEO Larry Roth claims move is not part of any widespread consolidation Cetera Financial Group is closing down one of its broker-dealers, J.P. Turner & Co., and inviting select advisers to join another of its firms. Over the past few weeks, about half of the 300 advisers at J.P. Turner & Co. have been invited to move to Summit Brokerage Services Inc., another Cetera broker-dealer, according to several brokerage executives and industry recruiters. The remainder of the J.P. Turner reps not going to Summit are scattering across the industry, industry executives and recruiters said. RCS Capital Corp., or RCAP, acquired J.P. Turner and Summit in 2014, placing them under the Cetera umbrella. Both acquisitions were part of a buying binge of independent broker-dealers led by Nicholas Schorsch, RCAP's largest...