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In the News

Financial Advisor IQ a Financial Times Service

Wells Fargo’s Indie Channel Growing Faster Than Captives

17:25 19 February in In the News by rafferty

February 15, 2015 By Murray Coleman, Financial Advisor IQ   After working more than 35 years at Merrill Lynch, advisor Don O’Neal decided in early 2013 to make a switch. Along with his longtime partner, Teresa Brokaw, he packed up and joined a rival wirehouse. But instead of becoming a captive broker, the pair signed up with the Wells Fargo Advisors Financial Network, or FiNet, the firm’s independent channel. “It gave us the best of both worlds,” says O’Neal, whose practice manages $175 million and is based in Lynwood, Wash. “We own the business and our clients, but we still get support from Wells Fargo for back-office and investment platforms that are similar to what we’ve used in the past.” Their story isn’t unique. WFA says the head count at FiNet rose by 3% last year, to 1,254 advisors. Assets under...

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Another Key Executive Departs LPL

16:56 26 January in In the News by rafferty

January 23, 2015 Bruce Kelly, Investment News James Sorey, LPL's top East Coast recruiter, is leaving for another broker-dealer LPL Financial's top recruiter on the East Coast, James Sorey, left the firm earlier this month, continuing a brain drain at the nation's largest independent broker-dealer. Mr. Sorey was senior vice president, East region manager, for LPL. He was based in Charlotte and reported to LPL's head of recruiting, executive vice president Steve Pirigyi. “We wish James well,” said LPL spokesman Brett Weinberg, who declined to comment further about Mr. Sorey's potential replacement. Mr. Sorey is expected to take a position in February at an insurance company owned broker-dealer, Lincoln Financial Network, according to an industry source who asked not to be named. “We have no comment at this time,” said Lincoln Financial Group spokesman Eric Samansky. LPL Financial...

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Cambridge Joins Ranks of IBDs Abandoning Schorsch

17:04 07 November in In the News by rafferty

November 6, 2014 Janet Levaux, ThinkAdvisor   The group stops sales of three Cole REITs following accounting and other issues at American Realty Capital Cambridge Investment Research has joined a growing number of independent broker-dealers suspending sales of REITs tied to American Realty Capital (ARCP). “Following a recommendation by our due diligence committee, and with the best interests of advisors in mind, we have temporarily suspended sales in three Cole products with the expectation there will be more clarity in the coming weeks,” the IBD said in a statement Thursday shared with ThinkAdvisor. Cambridge has some 2,500 affiliated independent reps. On Wednesday, Cetera Financial Group — part of RCS Capital, of which Nicholas Schorsch is chairman — asked its affiliated advisors to suspend sales of three Cole nontraded REITs. Other IBDs that have suspended these and other ARCP product...