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The Herd vs. the Country Club: Which Mentality Is Right for You?

16:12 15 December in Articles Written by Jon Henschen by rafferty

December 15, 2017 By Jon Henschen as published on ThinkAdvisor The need to follow the crowd and the desire for exclusivity are both powerful motivators you can use to your advantage Since September 2017, we’ve experienced a substantial outflow of advisors from the Jackson National broker-dealers that were sold to LPL Financial via the National Planning Holdings acquisition. Industry publications announced regular movement to broker dealers, touting the group’s assets and discussing why they moved to whatever firm they had ultimately chosen. The herd mentality has been in full swing, as BDs and the press drew attention to which firms were the most successful in attracting advisors. In a perceptive move, even LPL joined in by publicizing the names of large groups that decided to go along with the sale and proceed with their...

LPL Wields Major, if Unglamorous, Recruiting Advantage

20:39 05 December in In the News by rafferty

December 5, 2017 Barrons.com LPL Financial is beating back rivals to lock up billion-dollar practices at the National Planning Holdings units it recently bought. And while incentive money, culture and scale are always factors in these recruiting battles, LPL wields an ace card: A relatively easy transition. Last week, $1.1-billion Discovery Financial Centers, in Red Wing, Minn., waved off outside suitors and agreed to move to LPL. In October, $2-billion Trilogy Financial, in Huntington Beach, Calif., announced it would join LPL. And LPL plans by the end of the month to announce deals with additional billion-dollar firms, according to Financial Planning. These businesses belonged to some of the four broker-dealers whose assets LPL acquired in August. LPL chief Dan Arnold has projected that his firm will hang on to about 70% of the four...

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Waddell & Reed sees ‘unprecedented change’ under new regime

20:33 05 December in In the News by rafferty

December 5, 2017 By Tobias Salinger, FinancialPlanning.com One of the oldest mutual fund companies in the country is transforming its independent broker-dealer with a new structure and a higher payout for advisors. At the same time, new leadership at the IBD remains intent on cutting costs and overall headcount. On the day before Thanksgiving, suburban Kansas City-based Waddell & Reed Financial disclosed a series of changes to its executive ranks. Thomas Butch, its chief marketing officer and the longtime head of the firm’s IBD and wholesale channels, stepped down after 18 years with the firm. Just a few days later, former Waddell & Reed CEO Henry Herrmann announced his retirement as chairman of the firm’s board. Current CEO Philip Sanders took over from Hermann last year as the firm struggled with outflows following portfolio...

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LPL Expects to Keep 70 Percent of NPH Advisors

16:27 13 November in In the News by rafferty

November 8, 2017 By Diana Britton, WealthManagement.com CEO Dan Arnold told investors he expects 70 percent of advisor production to move over in the first wave—but what is the bar for success? LPL Financial is on track to retain 70 percent of advisor production from National Planning Holdings after transitioning the first wave of advisors from the acquired independent broker/dealer, the company said during a conference call Wednesday morning, even though CEO Dan Arnold told investors that the earnings the company would realize, measured by EBITDA, would equal 80 percent. “Anytime you have a transaction, you’re putting potential assets in motion, it’s going to be a competitive environment,” Arnold said. “We also knew that this was a good quality property but that all advisors wouldn’t necessarily match up with us strategically. That said, we thought we...