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LPL Looks Beyond Indie Roots with New Employee Channel

20:20 23 May in In the News by rafferty

May 22, 2019 by Mason Braswell and Jed Horowitz, AdvisorHUB   LPL Financial, the nation’s largest independent broker-dealer, will use its acquisition of Allen & Co. of Florida to seed a new business channel of brokers who work as full-time employees, executives said on Wednesday. LPL announced its plan to buy Allen, which has about 30 brokers servicing $3 billion of client assets, after the market closed on Tuesday. It followed Wednesday with an outline of how it hopes to attract advisors from traditional firms with higher payouts, albeit fewer services, than they are used to.“This is the largest segment of the marketplace, and one we have not traditionally pursued,” LPL business development head Richard Steinmeier said at LPL’s Investor Day presentation in New York on Wednesday. Steinmeierjoined LPL last year from UBS Financial Services,...

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Advisor Group CEO Opens Up About Reverence Deal, Brown’s Departure

16:29 13 May in In the News by rafferty

May 10, 2019 By Janet Levaux, ThinkAdvisor Price talked with ThinkAdvisor about the sale and explained why Valerie Brown will leave Advisor Group. Advisor Group CEO Jamie Price had quite a week, wrapping up the sale of the 75% of the firm to private-equity group Reverence Capital Partners from Lightyear Capital, PSP Investments and others. After Thursday’s announcement, Price answered questions on Friday about the deal and shared his thoughts on what it means for the company he leads, which includes FSC Securities, Royal Alliance Associates, SagePoint Financial and Woodbury Financial Services, and what it says about the independent broker-dealer industry. Price’s conversation with ThinkAdvisor has been lightly edited for clarity. What is Advisor Group’s retention-bonus plan? “As part of this transaction, we will be working closely with Reverence Capital to launch an advisor recognition and retention program,...

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5 Signs You Need to Switch Broker-Dealers

15:47 29 April in Articles Written by Jon Henschen by rafferty

April 26, 2019 By Jon Henschen, ThinkAdvisor To avoid changing broker-dealers, advisors will tolerate a great deal of aggravation and frustration. It’s easy to understand why. Changing broker-dealers is not a simple endeavor, and there’s no sugar coating the fact that it’s a disruptive process. However, avoiding a broker-dealer switch that can offer your business clear advantages hinders your ability to reach your full potential. Still, many advisors procrastinate, deciding to stay with a broker-dealer that does not meet their needs. Here are five areas where advisors suffer frustration and restrictions with broker-dealers that keep them from soaring to greater heights: 1. Poor Service There are two trends in the area of service-quality decline that affect both smaller broker-dealers and larger broker-dealers with back-office consolidation. First, over the past few years, smaller broker-dealers have spent about 30%...

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LPL to Implement a New Model to Attract Employee Advisors

15:45 26 April in In the News by rafferty

April 25, 2019 By Diana Britton, WealthManagement.com The independent b/d is looking to take the pain out of the transition process for employee advisors and provide more ongoing support for them. LPL Financial has been recruiting advisors out of the wirehouses and other employee-model firms for years, but the broker/dealer is now dressing up its offerings to make the firm more attractive to these types of advisors. The firm will introduce a new model for advisors coming out of wirehouse and regional firms aimed at taking some of the more entrepreneurial tasks involved in starting and running a practice off their shoulders. There’s a large set of advisors who find the transition process of setting up their own business burdensome, and the firm sees the need to address those pain points. For instance, many advisors find...