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Should You Be a Big Fish in a Small or Large Pond?

17:05 21 June in Articles Written by Jon Henschen by rafferty

June 20, 2023 By Jon Henschen, ThinkAdvisor  What You Need to Know Changing your broker-dealer is a situation where there is no perfect outcome but rather, a give-and-take of trade-offs. Small firms can mold to an advisor’s individual needs and provide them with greater flexibility and opportunities for recognition. Larger firms have the advantage of scale, not to mention depth and breadth of services "There are no solutions, there are only trade-offs; and you try to get the best trade-off you can get, that’s all you can hope for,” wrote economist Thomas Sowell. It is especially fitting to quote Sowell on this topic because changing your broker-dealer is clearly a situation where there is no perfect outcome but rather, a give-and-take of trade-offs. The primary voices in our industry would lean toward the side of larger firms,...

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Retirement Is Overrated for Many Advisors

19:52 16 June in Articles Written by Jon Henschen by rafferty

June 16, 2023 By Jon Henschen, WealthManagement.com   Statistically, continuing to work later in life is better for longevity as well as mental and financial health. As our industry continues to age, we find our daily conversations with advisors increasingly centered around succession/continuation plans; the contemplation of when or if to retire is almost a daily occurrence. Our personal experiences, as well as witnessing others’ journeys, mold our preconceived notions on whether retirement is ultimately in our best interest.  The sharing of journeys as well as statistical data on the subject of retirement have shown us that working longer brings greater fulfillment, maintains your sense of purposefulness and adds longevity, all while helping to preserve mental acuity.  Here are two examples of deferring retirement as long as possible and their motives. A family member that...

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Adam Antoniades Likely to Step Down as Cetera CEO by Year-End

19:39 16 June in In the News by rafferty

June 14, 2023 By Diana Britton, WealthManagement.com Several industry observers close to Cetera say the timeline is set and former Fidelity executive Mike Durbin, CEO of the holding company, will take control of the firm after an upcoming recapitalization with private equity owner Genstar. In May, Cetera Holdings, the holding company of Cetera Financial Group, announced it had appointed former Fidelity Institutional executive Mike Durbin as its new CEO, with Adam Antoniades continuing his current role as CEO of Cetera Financial Group. But several sources close to the company say the decision has been made and Antoniades will likely step down from that role in the next six to nine months. Durbin will lead the broker/dealer network. The interim period is a stewardship period for Durbin and Antoniades and an opportunity for Durbin to wrap his arms around the...

What the Broker-Dealer Industry Looks Like Now, in 5 Charts

13:24 08 May in In the News by rafferty

May 5, 2023 By Melanie Waddlell, ThinkAdvisor The Financial Industry Regulatory Authority has released its 2023 Industry Snapshot, the annual statistical report on the brokerage firms, registered representatives and market activity that FINRA oversees. For the first time in years, the number of registered reps increased, and the number of people entering the industry was greater than the number leaving. “The 2023 Snapshot maintains FINRA’s commitment to providing a data-driven view into the securities industry and its activities through the lens of regulatory reporting. We continue to add new data categories to the Industry Snapshot, increasing the transparency of and visibility into an evolving securities industry,” said FINRA Chief Economist and Executive Vice President Jonathan Sokobin in a statement. This year’s edition adds new data about options trading activity, and certain demographic changes of FINRA-registered reps. The 2023 Industry Snapshot incorporates...