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financial advisors

Destination Unknown: The 2017 Broker-Dealer Presidents Poll

20:02 05 June in In the News by rafferty

May 29, 2017 By Janet Levaux and Liana Roberts, June issue of Investment Advisor Magazine and ThinkAdvisor Despite the complexity and ambiguity of Labor's fiduciary rule, broker-dealer leaders remain cautiously upbeat Even with the tremendous level of complexity and ambiguity tied to the Department of Labor's fiduciary rule, broker-dealer leaders remain cautiously upbeat about the business model and its future. Our yearly survey of independent broker-dealer presidents shows the industry is at a crossroads. Regardless of what happens ultimately with the DOL's delayed fiduciary rule, most BDs are moving to comply with it. As one executive said, “Even if it never gets implemented, it has changed the industry forever.” (Click here to see the full 2017 Reference Guide,  which ranks the top broker-dealers by revenue, reps, production and other metrics, as reported by the...

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LPL Shares Details on 108 Recruited Reps, Newest Partner & Tech Woes

17:25 23 May in In the News by rafferty

May 22, 2017 By Janet Levaux, ThinkAdvisor   The IBD picked up at least $4.2 billion in assets in Q1'17; earlier this month, its IT network and backup systems went down LPL Financial (LPLA) says it recruited 108 new financial advisors in the first quarter with at least $4.2 billion in assets. The independent broker-dealer also announced plans to give its 14,000-plus affiliated registered representatives access to a variety of Echelon Partners’ consulting services and clarified details on a recent tech outage. Of the 108 reps joining LPL, 50 moved from Cetera Financial Group broker-dealers, including 46 that make up a team previously with Cetera Investment Services. Fourteen left Wells Fargo to go independent, while 10 moved to LPL from MML and seven from Edward Jones. Several reps also went independent from Merrill Lynch, Morgan Stanley...

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Large independent broker-dealers continue to make headway with recruits

21:38 01 May in In the News by rafferty

May 1, 2017 By Bruce Kelly, Investment News   After a strong recruiting year in 2016, large broker-dealers continued to ring up recruiting gains in the first quarter. For example, Ameriprise Financial Inc. said that close to 100 veteran advisers moved their practices to the firm in the first quarter, compared to 77 in the prior quarter. Commonwealth Financial Network continued to attract advisers, snagging advisers producing about $15 million in total revenue — known as gross dealer concession in the industry — for the second consecutive quarter, according to a senior executive at the firm. And LPL Financial Holdings Inc. said that it added 95 advisers in the quarter, but those gains were tallied only after excluding the previously discussed large departures of advisers — 118 — related to institutional clients and client separations. With...

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5 Compliance Approaches That Chase Away Advisor Talent

17:48 01 May in Articles Written by Jon Henschen by rafferty

April 26, 2017 By Jon Henschen, as featured on ThinkAdvisor   Several months ago, I took my wife’s car out on an errand and noticed the front driver side panel protruding out at the seam. I didn’t notice any dents or scratches so I simply pressed the panel back in place. Investigating further, taking a walk around the front of the car and then to the passenger side, I saw scratches and a large dent. It turned out that our teenage daughter had driven into a mailbox as she swerved the car off the road reaching down to the floor to grab a CD to play. There was no mention of the incident until we brought it up, as is so often the case with teenagers, who are at a phase of life...