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LPL Offers Retention Deals to NPH Advisors

21:21 13 September in In the News by rafferty

September 13, 2017 By Diana Britton, Michael Thrasher, WealthManagement.com For some loosely affiliated groups, the deals are based on individual advisor, not group, production, an unusual move. LPL Financial has started to offer retention packages to reps at National Planning Holdings, the network of 3,200 advisors the firm purchased from Prudential last month. The firm shared some details about the transition efforts, including the timeline for the tape-to-tape transfer as well as transition assistance. Something unusual about the offers is that for some loosely affiliated groups, transition assistance and payouts are based on individual advisors’ production, not the group’s. So for many advisors who were used to being dealt with as a team by NPH, their payout may be going down. Typically when broker/dealers have acquired other firms, the new owners have kept everything the...

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Tom Bradley’s Sad, but Unsurprising, Exit From TD Ameritrade

19:12 08 September in In the News by rafferty

September 8, 2017 By Janet Levaux, ThinkAdvisor  Industry observers lamented the departure of Tom Bradley, the former head of both RIA and retail operations at TD Ameritrade. Bradley’s time at the brokerage firm ended Thursday, when TD Ameritrade said that, as part of its merger with Scottrade, it was putting Pete deSilva in charge of the combined firm’s retail distribution business. “Talk about a leader. Bradley was one of the good guys. He put his heart and soul into the RIA business” over the past 30 years, said consultant Tim Welsh of Nexus Strategy in an interview. “He championed the RIA cause when no one else was,” Welsh said, “since day one. TD’s RIAs will miss that.” Others agree. “Tom Bradley may have been the single largest, most consistent advocate for RIAs for more than a...

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MetLife cutting annuity pay to some of its former advisers

02:17 07 September in In the News by rafferty

September 5, 2017 By Bruce Kelly, Investment News MetLife Inc. is cutting compensation on annuities sold by former advisers who moved to other broker-dealers after MetLife sold its Premier Client Group last year to Massachusetts Mutual Life Insurance Co. And the cut in pay is drastic. According to a memo from LPL Financial last week to the former MetLife Premier Client Group advisers who now work at LPL, asset based trail compensation rates will be reduced to approximately 27% of current levels. That means if an adviser received an upfront commission of 1% to 2% and an annual 100 basis point trailing commission after selling a variable annuity to a client, that annual trailing payment would be reduced to 27 basis points, or 0.27% of assets. The change could reduce some advisers' income by...

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Recruiting Speeds Up

20:05 31 August in In the News by rafferty

By Dan Jamieson August 2017 issue of Financial Advisor Magazine Recruiting activity among independent broker-dealers is regaining momentum now that the DOL rule is back on track. Many advisors have been evaluating their broker-dealer relationships in light of the new requirements the DOL will impose. Big firms like LPL Financial and Raymond James are changing their payout formulas in response to the rule and others are likely to follow. But independent broker-dealer execs say that some recruits in the pipeline held back on making decisions early in the year after President Trump ordered a review of the rule. That gave opponents of the DOL plan—including many B-Ds and independent reps—some hope that the rule would be indefinitely postponed. But the U.S. Labor Department ended up delaying the initial implementation for just 60 days, to June...