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Articles / Resources

Should I Stay or Should I Go?

00:00 01 July in In the News by rafferty

by Mike Werling and featured in Boomer Market Advisor July, 2008: When is it time to break the chains of your broker/dealer realtionship? What factors play into an advisor’s decision to change broker/dealers? Three of the biggest are service, compliance and culture. Does your current broker/dealer measure up or fall short? The answer could determine your next move. Ed Grogan had an issue with his broker/dealer-provided Web site one day, and he needed answers. He sent an e-mail detailing his problems to the appropriate person. In short order, he got the answers he needed – plus a little more. “I got a reply complete with captured screen shots to walk me through it,” says Grogan, president of Summit Financial Group (www.summitplans.com) based in Gig Harbor, Wash. He adds that at Commonwealth that level of service...

investment advisor

Power of the Platform

00:00 01 June in In the News by rafferty

by Kara P. Stapleton and featured in Investment Advisor June, 2008: LPL will build a custodial offering for its own - and outside - RIAs Schwab, Fidelity, and Pershing have a new competitor, now that LPL Financial has taken what many consider to be the next logical step as the broker/dealer industry moves to the fee side of the business--becoming a custodian to non-affiliated RIAs as well as dually registered advisors already affiliated with LPL. On May 5, LPL announced plans to roll out its new custodial venture in late 2008--an integrated custodial platform that will provide independent RIAs and hybrids with access to a range of investment products and services, service staff, and technology. "This is a big change for us and a big change for the industry," notes LPL CEO Mark Casady....

Transfer Time – When Decoding B/D Transfer Options, Don’t Focus on The Money

00:00 01 May in Articles Written by Jon Henschen by rafferty

by Jonathan Henschen, CFS and featured on Henschen Associates May, 2008: For advisors pondering a move from a wirehouse to an independent broker/dealer with visions of large, forgivable transition loans dancing in their heads, it's time for a reality check. That's because, as an esteemed economist famously said, there's no such thing as a free lunch! With reps at independent B/D reps earning 90% payouts, independent firms have much smaller margins to work with than do their wirehouse counterparts. Times have certainly changed when it comes to a broker's transfer options. It was once common for reps joining a firm to be responsible for covering all their own expenses, including registration costs, business cards, stationery and ACAT transfer fees. While some firms still take that approach, the trend in recent years has evolved to...

The Lasting Impact of Effective Broker/Dealer Stories

00:00 01 April in Articles Written by Jon Henschen by rafferty

by Jonathan Henschen, CFS and featured in Broker Dealer Journal April, 2008: Effective broker/dealer recruiting stories provide structure, direction, inspiration and motivation. When properly done they’re remembered because they connect with advisors at an emotional level. Broker/dealer stories are intended to connect favorably with advisors on the move. But so many of these stories fall short by sounding like mission statements followed by a string of tired details most advisors have heard many, many times before: We have top-notch service! Our technology is the very best! We'll help you get to the next level! Yawn! Too many otherwise successful broker/dealers have one-dimensional recruiting stories like that. Instead, they should develop effective, multi-dimensional stories describing why they’ve done so well, and better yet, how they help advisors succeed, including: How our firm got started and why it has grown. Where our...