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1,400 advisors on the move as Advisor Group merges 3 IBDs into Securities America

15:18 18 May in In the News by rafferty

May 15, 2020 By Tobias Salinger, Financial Planning A deal that reshaped the independent broker-dealer sector is realigning thousands of financial advisors in its wake. After two credit downgrades and a pledge by its CEO to fold Ladenburg Thalmann into its structure, Advisor Group is merging three of the IBDs it acquired earlier this year for $1.3 billion into the largest one of the ex-Ladenburg network. By consolidating Investacorp, Securities Service Network and KMS Financial Services into Securities America, the Phoenix-based firm will more quickly deploy technology and other services for the 4,400 financial advisors affiliated with the current crop of five IBDs, CEO Jamie Price said in an interview. Price rejects any connection between the impact of the coronavirus on Advisor Group’s business and the decision to integrate the firms. At the same time,...

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IBD Berthel Fisher in Talks to Sell to Cetera

20:18 15 May in In the News by rafferty

May 15, 2020 By Diana Britton, WealthManagement.com Sources say it would make sense for Berthel Fisher to sell, given the low rate environment and its history with high-risk alternatives. Cedar Rapids, Iowa-based independent broker/dealer Berthel Fisher, which has a couple hundred advisors, is in advanced discussions to be acquired by Cetera, according to sources close to the investment banking community. Other b/ds have looked at buying Berthel Fisher, but Cetera is the only one who has submitted a bid so far. The two companies have been in discussions for at least the last month, and any deal would likely be an asset sale, said one investment banking source, who declined to be named. Another source close to the investment banking community said the deal would likely be done soon and would be a semi-distressed transaction....

Financial Advisor IQ a Financial Times Service

Retaining Advisory Talent Amid a Cash Crunch

16:24 15 May in In the News by rafferty

May 15, 2020 By Mrinalini Krishna, Financial Advisor IQ One way to incentivize advisors without actually spending money is offering equity compensation, and this strategy is gaining momentum amid the financially-challenging coronavirus pandemic, according to a consultant. While offering equity compensation and non-voting shares as incentives has been gaining ground over the past few years, consulting firm Succession Resource Group has helped RIAs seal double the number of such incentive deals in the beginning of the second quarter compared to previous years, says CEO David Grau Jr. “We’re seeing more people than ever before leveraging equity compensation as part of the compensation package, whether using [a] phantom equity plan, sharing non-voting stock in the company, as a way to retain their top talents without having to use actual cash that they need and want...

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Ex-Ladenburg BDs May Face Culture Clash

15:27 13 May in Articles Written by Jon Henschen by rafferty

May 12, 2020 By Jon Henschen, ThinkAdvisor Layers of questions now come up around fees, compliance policies and back-office services. For advisors at the three midsize broker-dealers formerly owned by Ladenburg Thalmann and now being merged under Advisor Group ownership, what’s most difficult as they look ahead is that their BD ties are relationship-driven, and the BD culture matters to them. Those advisors with KMS Financial Services, Securities Service Network and Investacorp who are largely self-sufficient and don’t use the back office very often may not feel much impact from these changes. But for advisors who use the back office on a regular basis and have easy access to key staffers whom they rely on, their world will be changing greatly. (KMS, SSN and Investacorp will become part of Securities America by year-end, while Triad...