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Lead Broker-Dealer Seller of GWG Bonds Reports Potential Trouble

14:58 27 May in In the News by rafferty

May 23, 2022 By Bruce Kelly, Investment News In its annual audited financial statement, Emerson Equity reported that problems related to an unnamed offering potentially could harm the firm. The lead seller of the bonds of GWG Holdings Inc. recently revealed troublesome fallout from a product that failed, raising questions about the firm. In its annual audited financial statement filed with the Securities and Exchange Commission, Emerson Equity reported that problems related to an unnamed offering potentially could harm the firm. “In 2022, there was an offering that ceased distributions and redemptions and, as a result, this may have an adverse effect on the future financial condition or results of operations of the company,” according to Emerson’s 2021 financial statement, which was filed March 2 but was not posted on the SEC’s website until recently. Last month, GWG,...

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Raymond James Launches Corporate RIA for Fee-Only Advisors

16:35 16 May in In the News by rafferty

May 12, 2022 By Diana Britton, WealthManagement.com The new model, which sits inside the independent contractors division, is geared toward advisors who want to drop the Series 7 yet don't want to run their own registered investment advisor.   Raymond James has introduced a new Corporate Registered Investment Advisor model, aimed at fee-only advisors who don’t want to run their own RIA yet don't need the association with a broker/dealer. Under the new model, advisors would affiliate with Raymond James’ existing corporate RIA, Raymond James Financial Services Advisors, and drop their Series 7 license with the Financial Industry Regulatory Authority, if they still have it. This would allow advisors to operate as a fee-only fiduciary, with no commission business. “There’s an attraction now to be able to say, ‘I’m a fiduciary,’ and one way that they can...

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Small Broker-Dealers’ Secret Weapon

19:35 12 May in Articles Written by Jon Henschen by rafferty

May 9, 2022 By Jon Henschen, ThinkAdvisor  What You Need to Know Thriving smaller firms have an area of specialization, such as alternative investments. Smaller firms with high-quality advisors have fewer compliance issues because they know their advisors better than larger firms. Profitable smaller firms typically have low staff turnover, so competency is high, resulting in correct answers and quick response times. This article may run counterintuitive to many industry voices when it pertains to smaller broker-dealers, and by small, I’m referring to broker-dealers with under 200 representatives. One example of industry voices is LPL’s recent comments, on the back of a very successful year of recruiting, that they would be focused on acquisition of small BDs going forward. In spite of the doom and gloom portrayed about small broker-dealers, there are smaller firms that...

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Avantax Boosts Recruiting Bonus to Add Advisers

13:02 09 May in In the News by rafferty

May 6, 2022 By Bruce Kelly, Investment News Providing hefty bonuses to recruit financial advisers is like a sugar rush: sweet at first but it comes with a downside. After seeing hundreds of advisers walk out the door last year in the wake of an unpopular fee it announced in 2020, Avantax Investment Services Inc. has slowed the bleeding by paying new recruits bonuses up to two to three times the industry norm as part of a package to get them to move to the firm. The broker-dealer arm of Blucora Inc., Avantax, which focuses on advisers who are aligned with or also work as accountants and tax professionals, said in 2020 that it was introducing a new $60 annual fee for advisers’ accounts at outside money managers, a popular way for advisers to conduct business directly with...