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Want to Connect Better? Try Dan Arnold’s Technique

17:40 25 February in Articles Written by Jon Henschen by rafferty

February 22, 2019 By Jon Henschen, ThinkAdvisor  For deeper, longer relationships with clients and colleagues, advisors should take a cue from the head of LPL Financial.   Since 2001, I’ve made over 60 due diligence trips to independent broker-dealers. What stands out are the firms that have the ability to connect, not merely point out their list of strengths. One particular broker-dealer president shared the humble beginnings of his firm. When he and a group of his colleagues felt that their broker-dealers weren’t addressing their needs, they formed their own. They intended to form a broker-dealer “by advisors for advisors,” anticipating that other advisors who shared their concerns would want to be part of that kind of environment. During our discussion, this individual showed vulnerability and transparency as he explained that “early on, we didn’t really know...

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Why Advisors Left Wirehouses for B-Ds and Independents

17:41 22 February in In the News by rafferty

February 21, 2019 By Mrinalini Krishna, FinancialAdvisor IQ Wirehouse advisors were on the move in 2018 and non-wirehouse broker-dealer firms were among the big beneficiaries. While each non-wirehouse broker-dealer offered its own incentives for advisors to come on board, recruiters say it was generally frustration beyond money matters that drove wirehouse advisors towards the non-wirehouse crowd. Based on advisor headcounts presented in 2018 annual company filings, average wirehouse advisor strength diminished by 1%, whereas, on average, rosters at non-wirehouse, regional, national and independent firms grew by 4.39%. Stifel Financial ended the year with 57 net new additions to its advisor count in 2018 and the firm’s head of recruiting, John Pierce, told FA-IQ in December that his firm had become “a destination for wirehouse advisors.” Continuing its previously robust advisor growth, Raymond James saw its advisor...

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Moore’s Exit Raises Deeper Questions at Cetera

17:50 21 February in In the News by rafferty

February 20, 2019 By Janet Levaux, ThinkAdvisor Cetera Financial Group’s news that CEO Robert “RJ” Moore is stepping down for health reasons is raising lots of questions from industry insiders. The development comes less than four months after the private-equity firm Genstar Capital acquired a majority stake in Cetera, which has more than 7,000 affiliated independent advisors, and a series of changes and much-publicized issues in recent years. “They have weathered so many storms, and it seemed like they finally had bluer skies ahead. Now there’s another storm,” said industry consultant Jeff Nash, CEO of Bridgemark Strategies. Industry consultants and recruiters are asking what’s next for leadership, as well as for retention and recruiting at the group of independent broker-dealers. According to the independent broker-dealer group, Moore does not have a terminal illness. Chairman Ben Brigeman will...

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Look for more changes at Cetera Financial Group

17:42 21 February in In the News by rafferty

February 21, 2019 By Bruce Kelly, Investment News Robert Moore's resignation from Cetera Financial Group likely signals other changes to come at the giant broker-dealer network, according to advisers and industry observers. Those could range from the firm's owner, Genstar Capital, winnowing the ranks of management at Cetera to more emphasis on technology solutions that better focus on advisers' clients. At some point in the future, Genstar Capital could look to reduce costs by cutting management and boosting the productivity of advisers with improved technology, those advisers and observers said. "Will other executives leave?" asked one Cetera adviser, who asked not to be identified. "I think they have to." The adviser added that technology the firm has recently invested in, like a highly touted facial recognition program, has not had an impact on a typical...