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Casady Leaving LPL at ‘Challenging Time,’ Recruiters Say

16:16 06 December in In the News by rafferty

December 5, 2016 By Janet Levaux, ThinkAdvisor The independent broker-dealer says President Dan Arnold will take over in 2017 LPL Financial’s Mark Casady will step down as CEO on Jan. 3, 2017, the firm said Monday. Casady, 56, who has run the Boston-based independent broker-dealer for 10 years, will stay on as non-executive chairman through March 3. President Dan Arnold will take over as CEO. Arnold has served as LPL’s president since March 2015, having joined the firm in 2007. “The board extends its deep appreciation to Mark for his outstanding leadership and careful stewardship of the LPL mission over the past 14 years, and we wish him the very best in his retirement,” said Jim Putnam, the board’s lead director, in a statement. “In selecting Dan Arnold, the board has demonstrated its confidence in a...

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DOL Rule Could Force Broker Moves

16:31 01 December in In the News by rafferty

November 30, 2016 By Dan Jamieson, Financial Advisor Many advisors who will be unable to sell commissioned investments in IRAs after the DOL rule goes into effect are being forced to shop for new homes. Firms and recruiters are seeing an uptick in the number of inquiries by reps looking for firms that will accommodate commission business. Some firms appear to be waiting to see if the rule survives, but that’s a big risk, observers said, because advisors can’t be stuck come April, when the rule is set to go into effect, with no way to do business. The best-interest contract exemption, or BICE, allows brokers to sell commissioned investments to IRA owners. “We have never had so many live recruits,” echoed Steve Distante, chief executive of Vanderbilt Securities based in Woodbury, N.Y., an independent...

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Ron Carson’s jump from LPL a big win for Cetera

16:45 19 November in In the News by rafferty

November 18, 2016 By Bruce Kelly, Investment News CEO Robert Moore proves he's not afraid to go toe-to-toe with LPL to recruit top advisers When Robert Moore joined Cetera Financial Group in May as chairman, and later became CEO, many in the industry wondered if he would recruit head-to-head with his old employer, LPL Financial. They now have their answer. Mr. Moore and Cetera have landed one of LPL's largest and well-known brokers, Ron Carson, who heads a practice with $7.4 billion in client assets, according to a source with knowledge of the move. The move could also have a big impact on LPL. Mr. Carson's departure could make other brokers nervous, said one analyst. “You are losing one of your big, figurehead advisers, someone who other advisers see as a role model, and they ask, 'why is...

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The Chilling Effect of an Over-Zealous FINRA’s Gibbeting

16:59 11 November in Articles Written by Jon Henschen by rafferty

November 11, 2016 by Jon Henschen, as featured on ThinkAdvisor Displaying the bodies of executed criminals in public was a common practice in medieval times. The authorities did so to deter anyone from considering committing similar crimes. The practice, known as “gibbeting” refers to the mechanism from which the corpses of the criminals were hung when put on public display. FINRA also does gibbeting, although metaphorically, through FINRA BrokerCheck as well as the numerous press articles on advisor misdeeds we see daily. The trend over the last few years reveals that issues previously either not on FINRA’s radar or considered minor issues are now not only a big deal but potentially a career ender. Unintended Wrongdoing or Felony Offense? My intent is not to diminish the severity of legitimate wrongdoing, such as embezzling a client’s...