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Focus on Credit Unions, Banks Helps Cetera Post Record Assets in ’18

17:12 06 February in In the News by rafferty

February 4, 2019 By Michael Thrasher. WealthManagement.com The Genstar Capital-backed company also achieved record revenue in the fourth quarter, CEO Robert Moore said. Banks and credit unions helped Cetera Financial Group recruit more than 800 financial advisors to the company in 2018, and more than $5.3 billion in assets under administration, the firm said. But lower productivity is not necessarily a fair indicator of quality. About half of the more than 800 advisors who affiliated with the group last year did so through Cetera Financial Institutions (CFI), the business that supports bank and credit union-based advisors, a spokesperson for the company said. Many of those advisors were also added in the later half of 2018 after Cetera completed its capital structure review, so there hasn't been much time for them to accrue assets. Cetera has said...

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Broker-Dealers to Make Big Push in 2019

17:02 06 February in In the News by rafferty

January 31, 2019 By Janet Levaux, ThinkAdvisor Firms remain focused on attracting and retaining advisors with good compliance records. In January, for instance, LPL Financial said Harbor Financial Group moved to its hybrid platform from Wells Fargo Advisors Financial Network, the bank’s independent channel, where it worked with $360 million of client assets. Separately, West Des Moines, Iowa-based Worsfold Wealth Management moved from Wells Fargo to Carson Wealth, which works with Cetera Advisor Networks. The team, led by Joel Worsfold, has about $500 million in assets....

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What’s Behind the War on Variable Annuities?

17:00 23 January in Articles Written by Jon Henschen by rafferty

January 22, 2019 By Jon Henschen, ThinkAdvisor Beyond the current fight over Ohio National trailing commissions, it seems that broker-dealers and regulators hate VAs; but for some investor clients, the security they offer makes them lovable. After the market carnage of 2008-2009, a number of advisors shared stories with me about clients who would literally kiss them in adoration, so grateful for the fact that their nest egg suffered no losses during this market turbulence because they were invested in variable annuities with living benefits. Clients like to make money. More importantly, they don’t want to lose money. Advisors who market principal protection often fulfill these objectives with variable annuities and fixed indexed annuities, which provide underlying guarantees. During the last two years, however, the regulatory environment has become increasingly hostile toward advisors that largely focus...

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After 3-year search, advisor-owned IBD bets on scale in PE deal

16:33 15 January in In the News by rafferty

January 19, 2014 By Tobias Salinger, Financial Planning In a sector that’s increasingly difficult for smaller and midsized players, a financial advisor-owned firm waited years to find a buyer that could keep its culture intact while bringing greater scale. The 500-advisor independent broker-dealer NEXT Financial Group and IBD holding company Atria Wealth Solutions struck a deal that will add to the growing number of private equity-backed companies in the space. NEXT says it will also help the Houston-based firm keep up with its bigger rivals. Before President Barry Knight met Atria Wealth founding partners Doug Ketterer and Eugene Elias for the first time in late 2017 through a mutual acquaintance, NEXT “had about given up hope” on finding a partner, Knight says. The IBD and the Lee Equity Partners-owned firm unveiled their agreement Jan....