Articles / Resources

Roth Tells Cetera Reps He’ll Bring ‘Clarity’ on Leadership Soon

00:06 31 August in In the News by rafferty

August 30, 2016 By Janet Levaux, ThinkAdvisor The executive sent a memo to the IBD's 9,000 reps on Monday amid intense industry chatter Amid intense industry speculation that he could be pushed out, the head of Cetera Financial Group is telling its 9,000 affiliated industry reps to sit tight. “We have been exploring certain potential future options for our leadership structure as we enter the post-strategic transformation phase of development for our company. We expect to be able to provide clarity on this within a matter of days,” Larry Roth explained in a memo sent to advisors Monday, according to a copy of the memo obtained by ThinkAdvisor from an industry source. “In the meantime, please be assured that changes to our leadership structure — if any — will be driven by the best interests...

Who’s in Charge at Cetera?

15:37 30 August in In the News by rafferty

August 29, 2016 By Janet Levaux, ThinkAdvisor Rumors are rife that CEO Larry Roth may be replaced by Chairman Robert Moore Is CEO Larry Roth still leading Cetera Financial Group’s parent firm and its 9,000 independent reps? Or is Chairman Robert Moore, a former executive with rival LPL Financial (LPLA), running the ship?  Stay tuned, sources say. According to a Cetera spokesperson, “As a matter of policy, we do not publicly discuss speculation or rumors related to our organization." Investors are not happy with low oil prices, and a growing number of them are taking action against their advisors. The news of a possible change at the top was first reported by RIABiz on Friday. The current owners include Fortress Investment Group, Carlyle Investment Management and Eaton Vance Management. Cetera has gone through a long list of transitions...

LPL Shares Details on New Mutual Fund-Only Accounts

17:49 17 August in In the News by rafferty

August 12, 2016 By Janet Levaux, ThinkAdvisor   The new accounts deliver 'cost benefits of direct business but with the ability to supervise that comes with LPL custody,' the firm says. LPL Financial is sharing details with its affiliated independent financial advisors about the new mutual fund-only brokerage account it expects to roll out in the first quarter of 2017. The firm says that new type of account “delivers cost benefits of direct business but with the ability to supervise that comes with LPL custody,” according to a statement: It will have no IRA custodial fees or trading costs, should have an upload charge of 3 to 3.5% with a trail payment and is set to include a selection of products offered by mutual fund families. LPL adds that it is “working with sponsors on potential...

LPL Sees Big Uptick in Recruited Reps

17:40 17 August in In the News by rafferty

August 10, 2016 By Janet Levaux, ThinkAdvisor   A large number of advisors moved to the IBD from Cetera Financial, Advisor Group and other broker-dealers. LPL Financial (LPLA) dramatically increased its recruiting results in the second quarter, attracting 128 affiliated advisors vs. 59 in the first quarter of 2016. The greatest number of recruited advisors, 48, join LPL with individual or team practices that have $100 million or more of client assets. Forty advisors have made the move with $50 million to $99 million of client assets, while the remaining 40 reps have from $30 million to $49 million. “We experienced another strong quarter for recruiting,” said Bill Morrissey, head of business development for the independent broker-dealer, in a statement. A sizeable number of the recruited advisors, 15, moved to LPL from Cetera Financial Group, while nine...