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Is Your Broker-Dealer a Doomsday Prepper?

16:03 12 March in Articles Written by Jon Henschen by rafferty

March 11, 2020 By Jon Henschen, ThinkAdvisor   Your BD's readiness, or lack thereof, to handle a bear market can affect you in many ways. Doomsday preppers live by the credo, “Hope for the best but plan for the worst.” For broker-dealers, doomsday equates to a long, deep, protracted recession where stock market prices drop 30-40% or more and do not recover for an extended period. During a recent discussion with an advisor who has 10 years of experience, it dawned on me that he had never experienced a market correction while in the business. The 2007-’09 market crash resulted in a surge in arbitration filings (dominated by complaints over market losses), as well as a big uptick in tax liens and bankruptcies due to upside-down mortgages that rained on the house-flipping frenzy, as well as...

Vern Coates Joins Independent Broker Dealer Recruiter Henschen & Associates as Senior Vice President of Business Development

21:49 02 March in In the News by rafferty

Press Release Minneapolis March 2, 2020 With the appointment of Vern Coates, Henschen & Associates brings 30 years of industry experience and 60 unique broker dealer value propositions to financial advisors looking to change broker dealer.   Henschen & Associates announces the appointment of Vern Coates to Senior Vice President of Business Development. Coates brings 12 years of financial services industry experience, where his primary focus has been to help financial advisors find the right independent broker dealer for their practice. Before joining Henschen & Associates, Coates was at Berthel Fisher & Company Financial Services Inc., an industry-leading financial advisory firm headquartered in Cedar Rapids, Iowa. At Berthel Fisher, Coates held two positions for two separate broker dealers under the same parent company. Most recently, he was Regional Director Business Development, where he served as a trusted resource for over 200 financial advisors looking to increase revenue, complete...

Which Indie B-Ds Are Winning the Recruiting Wars (And Why)

21:08 28 February in In the News by rafferty

February 28, 2020 By Mrinalini Krishna, Financial Advisor IQ As advisors walk away from wirehouses, independent broker-dealers have been welcoming them in. “The move to independence continues to gain steam because it’s no longer mysterious,” says Mark Elzweig, president of the New York-based recruiting firm that bears his name. “Everyone knows advisors who have gone independent and are thriving, so it’s a very real option." IBDs such as LPL Financial, Raymond James and Ameriprise Financial, in particular, have been successful in attracting wirehouse breakaways, says Louis Diamond, executive vice president and senior consultant at Diamond Consultants. Other firms, such as Commonwealth Financial, Cambridge and Kestra Financial have likewise drawn talent from wirehouses or employee channels, but to a lesser degree, he adds. What’s the appeal? Higher payouts are the leading factor drawing advisors to the IBD channel,...

Financial Advisor IQ a Financial Times Service

Rising Loan Levels Reflect Big Recruiting Push At Stifel, LPL

17:38 27 February in In the News by rafferty

February 26, 2020 By Mrinalini Krishna Big jumps in advisor loans reported by Stifel Financial and LPL Financial reflect concentrated recruiting efforts at those shops that can set the tone across the industry, recruiters and company executives say. Stifel, for its part, issued $213.2 million in up-front transition support loans to advisors who joined its ranks last year, recent filings show. That level represents a 77% surge compared to 2018 and the most the firm has extended since 2015, when it logged $240.8 million in advisor loans issued. At that time, nearly three-quarters of the total, or $174.8 million, went to “associates of acquired companies for retention,” the firm’s 2015 annual report indicates. Stifel acquired 1919 Investment Counsel in 2014 and a year later picked up Sterne Agee and Barclays’ U.S. wealth and investment...