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Forced Equality Has a History of Genocidal Results

15:44 24 October in Articles Written by Jon Henschen by rafferty

October 22, 2019 By Jon Henschen, Intellectual Takeout In recent history, the largest genocides have resulted from tyrannical centralized governments yearning for utopian equality for all. Between 1975 and 1979, Khmer Rouge leader Pol Pot carried out a genocide in which approximately 2 million Cambodians died, or nearly a quarter of the country’s population. About 60 percent of the deaths were the result of direct executions – often carried out by pickaxe – and the rest were caused by famine and disease. Russia experienced two famines in the 20th Century. From 1921 to 1922, roughly five million people died due to a combination of effects from the Russian Civil War and the economic disturbance caused by the Russian Revolution. A rail system that couldn’t distribute food efficiently further contributed to the widespread starvation. Seed-grain was eaten rather than sown, and...

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Zero Commissions a ‘Huge Deal’ for Advisors, BDs: Henschen

20:23 09 October in In the News by rafferty

October 9, 2019 By Janet Levaux, ThinkAdvisor Broker-dealer recruiter Jon Henschen breaks down "the ripple effects" of the big brokerages' elimination of most trading commissions. After trading commissions for stocks, ETFs and options at Schwab, TD Ameritrade and E-Trade went to zero last week, there’s a “big unknown” but also a likely group of winners in the broker-dealer space and the further strengthening of a significant industry trend, according to veteran recruiter and industry watcher Jon Henschen. The move to zero commissions represents “huge savings” for advisors’ clients, making it a “huge deal,” Henschen says. “More clients will ask, ‘Why are we paying these ticket charges? Why not zero?’” The large question mark, Henschen says, concerns the response of the large clearing firms: “It will be interesting to see how clearing firms react to this...

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Anatomy of a Fiduciary-Friendly Broker/Dealer

16:51 30 September in Articles Written by Jon Henschen by rafferty

September 25, 2019 By Jon Henschen, WealthManagement.com More choices and lower pricing can protect your clients’ interests and safeguard your practice. Certified Financial Planners (CFPs) are required to adhere to a fiduciary standard when implementing financial plans, but to date, the same requirement has not been applied to investment advice. Effective October 1, 2019, CFPs will be required to adhere to a fiduciary standard on investment advice. Enforcement will begin on June 30, 2020. How great an impact this will have on CFPs is unknown, as the CFP Board has no data on the number of CFPs not adhering to a fiduciary standard on investment advice. In our recruiting discussions with CFPs, we have certainly had discussions with financial planners that do not adhere to a fiduciary standard on financial advice and some that follow...

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HD Vest, 1st Global Brands to Die as Blucora Combines the B/Ds

16:25 11 September in In the News by rafferty

September 9, 2019 By Diana Britton, WealthManagement.com Blucora’s combining its broker/dealers under the newly formed Avantax Wealth Management, in an effort to emphasize its 4,200 advisors’ tax specialty. Blucora, the parent company of tax-focused independent broker/dealers HD Vest Financial Services and 1st Global, announced plans Monday to combine the two b/ds into a new one called Avantax Wealth Management. The HD Vest and 1stGlobal brands will be retired. HD Vest, founded over 35 years ago by a CPA, was acquired by Blucora in 2015 for $580 million. 1stGlobal, acquired by the firm earlier this year for $180 million, was established over 25 years ago, with a focus on larger CPA practices. Together, the firms have 4,200 advisors with $67 billion in client assets. The two back offices will be combined into one location; Enrique Vasquez,...