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Advisor Group’s BD Consolidation a ‘Sign of the Times’

14:44 12 May in In the News by rafferty

May 11, 2020 By Janet Levaux, ThinkAdvisor Industry watchers weigh in on the plan to merge three former Ladenburg Thalmann BDs into Securities America. Advisor Group said Monday that three of the five independent broker-dealers it bought recently from Ladenburg Thalmann will be merged into Securities America, the largest BD in this network. Industry watchers reacted to the news with a bit of a shrug, seeing it as part of the consolidation overall across the advisor landscape. Data compiled by the Financial Industry Regulatory Authority puts the latest BD tally at about 3,500, down from roughly 4,700 a decade ago. “This consolidation in the IBD space is another sign of the times,” said Tim Welsh, head of the consultancy Nexus Strategy. “With zero commissions, cash spreads at micro-levels and market lows, it is an incredibly...

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Wells Fargo earnings point to a tough 2020

15:33 15 April in In the News by rafferty

April 14, 2020 By Bruce Kelly, Investment News First-quarter performance shows weakness across the board in the bank's wealth management business Wells Fargo & Co.’s first quarter earnings, released Tuesday morning, showed weakness across the board in its wealth and investment management group, which includes Wells Fargo Advisors, with drops in total assets, advisory assets and net interest income when compared to the same quarter in 2019. Such declines have been widely expected, as the giant brokerage with 13,450 registered reps and financial advisers, along with the rest of the wealth management industry, comes to terms with the impact of the first quarter’s sharp decline in stocks as the broad economy grapples with effects of COVID-19. The Dow early Tuesday afternoon was trading close to 24,000, up 2.4% for the day. For 2020, the Dow...

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Broker/Dealers on Recruiting in a Virtual World

15:44 13 April in Articles Written by Jon Henschen by rafferty

April 10, 2020 By Jon Henschen, WealthManagement.com After the crisis abates, a lingering reluctance to travel, combined with better meeting technology, may forever alter the broker/dealer recruiting process.   As we continue to navigate our way through the COVID-19 pandemic, airline travel is increasingly being viewed as flying in an aluminum petri dish. Broker/dealers still wanting to recruit financial advisors are learning to adapt by evolving the home office visit—an almost mandatory step in the recruiting process, where face-to-face meetings and a fair amount of socializing help “humanize” the potential professional home for prospects—to a virtual experience. Our firm has always encouraged advisors to do home office visits as part of their due diligence. Meeting face to face and having a meal with those you will be partnering up with gives you a more intimate perspective...

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10 Red Flags to Watch When Switching BDs

15:57 10 April in Articles Written by Jon Henschen by rafferty

April 9, 2020 By Jon Henschen, ThinkAdvisor Market conditions aside, there are many situations that make pursuing a broker-dealer change inappropriate. My next-door neighbor is a full-time artist. In our eroding economy, I’m concerned that his business flow will diminish, because an art purchase is a “want,” not a “need.” When economies go into decline, we see the shift from want to need, as the stock markets increasingly focus on companies with products that fill needs rather than wants. Examples include companies such as General Mills for food, Target for staples, and in the case of my wife (and others), Hershey for much-needed chocolate. When an advisor is recruited to a new broker-dealer, it can be a want or a need. For instance, our firm recently placed an advisor changing BDs based on need, parting...