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Articles / Resources

Waddell & Reed to Slash More Than 200 Jobs Following LPL Deal

17:39 09 March in In the News by rafferty

March 8, 2021 By Jeff Berman, ThinkAdvisor Waddell & Reed is slashing 219 jobs and will not be moving its corporate headquarters in Kansas following LPL Financial’s deal to buy its wealth management unit from Macquarie Group for $300 million, W&R and Macquarie said Monday. “We can confirm that 219 is the number of employees impacted at Waddell & Reed Financial,” a W&R spokesman said, following the company informing the Kansas Department of Commerce about the planned cuts on Feb. 26. The main details of that notice are listed on the Kansas Works website. The Kansas City Star was the first to report the planned W&R job cuts, on March 2. Industry Reactions Echoing Henschen, Tim Welsh, president, CEO and founder of consulting firm Nexus Strategy, told ThinkAdvisor: “There is always collateral damage when firms are acquired,...

Commonwealth Financial to recruiters: Lay off MassMutual reps

17:23 07 March in In the News by rafferty

March 4, 2021 By Bruce Kelly, Investment News The Commonwealth Financial Network advised outside recruiters not to engage with MassMutual's reps. The company doesn't want to step on any toes due to a licensing agreement involving a tech firm it once owned. Commonwealth Financial Network, a leading broker-dealer and registered investment adviser, took the unusual step this week of telling outside, third-party recruiters to back away from referring reps from MML Investors Services, the broker-dealer arm of Massachusetts Mutual Life Insurance Co., known as MassMutual, a leading insurance and retirement company. The reason? Commonwealth Financial Network and MassMutual struck a software deal two years ago, in which Commonwealth’s stand-alone technology company, Advisor360, entered into a licensing agreement that made Commonwealth’s suite of software tools available to the insurance company’s advisers, who are registered with...

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Recruiting Loans Climb at Ameriprise, LPL

16:30 05 March in In the News by rafferty

March 3, 2021 By Jake Martin, AdvisorHub Recruiting loan balances at Ameriprise Financial and LPL Financial continued their ascent in 2020 as the firms sought to build their sales network in independent and employee brokerage channels. Ameriprise ended 2020 with $715 million of recruiting loans on its balance sheet, according to its annual report, a 10.8% jump from 12 months earlier. The Minneapolis-based firm originated $171 million in such loans in 2020, up nearly 25% from the end of 2019 and up 69% from $101 million two years earlier, according to the report. The increases in the hiring bonuses reflect the surprising strength of broker movement across the industry during the pandemic year and the particular ability of independent broker-dealers to attract brokers from employee channels. LPL is the biggest broker-dealer with more than...

4 Ways to Give Clients a ‘Wow’ Experience

19:05 26 February in Articles Written by Jon Henschen by rafferty

February 24, 2021 By Jon Henschen, ThinkAdvisor There’s a lot for advisors to learn by reading “The Book of Wow,” which is based on the Art of Wow program created by Knowledge Labs — the value-added platform of Janus Henderson developed in partnership with Joseph Michelli, a client experience expert and best-selling author. The book is based on a survey of a wide variety of advisors, who share client experiences that go beyond their expectations — resulting in a “Wow.” According to the book, Wow experiences are unanticipated, surpass professional advice and involve actions that resonate on a personal basis with clients; they’re also often unique to each client. These experiences can be personal or tied to relationships between parties that go deeper and are more meaningful than what is normally experienced. Words are cheap, and actions speak...