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April 29, 2016 Dan Jamison discusses LPL Financial's plan to create a mutual-fund-only brokerage account and curtail its directly placed fund business. "Recruiter Jon Henschen wonders if the new account will charge for systematic withdrawals and investments, or hit clients with inactivity fees—small charges that he says “torment” reps." Read the full article on Financial Advisor. ...
April 4, 2016, Financial Advisor Magazine Author Dan Jamieson's article opens with, "It wouldn’t be an overstatement to say that independent broker-dealers spent the first two weeks of March in a state of paralysis, awaiting the final outcome of the Department of Labor’s fiduciary rule...
March 28, 2016 By James J. Green, ThinkAdvisor RCS Capital Corp. (RCAPQ) announced Monday that some of the holding companies of its broker-dealers, and other debt holders, filed a prepackaged plan of reorganization under Chapter 11 with the U.S. Bankruptcy Court for the District of Delaware. Larry Roth, CEO of the IBD network Cetera Financial Group, which RCAP purchased in January 2014 and includes 10 broker-dealers, said in a statement that the filing “puts us in the home stretch to complete our transformation into a Cetera-only organization that is independent, well-capitalized and privately owned.” He said the reorganization, now scheduled for completion by May 2016 (pending bankruptcy court, regulatory and other approvals) “will truly be a fresh start for Cetera that will include significant additional capital for us.” That capital will help fund a...
March 7, 2016 By Janet Levaux, ThinkAdvisor Industry watchers share their views on the merits and drawbacks of such an approach by several broker-dealers The financial-services industry is holding its breath in anticipation of the Department of Labor’s new fiduciary standard. A couple players, though, have chosen to exhale and roll out pre-emptive programs. LPL Financial (LPLA) announced Wednesday that it would cut prices and account minimums and launch a fund-only brokerage IRA option. And Edward Jones says it is in the pilot stage of a program to let clients with just $5,000 “get guided support.” Do such moves make sense? Industry recruiters and consultants have mixed feelings, though at least one consumer group is pleased. “It seems puzzling that a firm would roll out major changes to its platform in response to the DOL's fiduciary rule [when...