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Another Small B/D to Close Up Shop

16:30 27 May in In the News by rafferty

May 26, 2015 By Diana Britton, WealthManagement.com   After five years in business, David Kassir, owner and CEO of Falls Church, Va.-based broker/dealer Manna Capital Management, closed up shop this month. He then joined Wells Fargo Advisors Financial Network as an independent practice, bringing with him $77 million in assets. “There’s no way on Earth one or two people can run a broker/dealer and sustain in this environment and be profitable,” Kassir said. “Unless the regulations change, it’s a broken model and that we will continue to see ...

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Ameriprise To Buy Florida-Based JHS Capital

22:42 28 April in In the News by rafferty

April 28, 2015 By Megan Leonhardt, WealthManagment.com Ameriprise Financial is set to acquire Tampa-based JHS Capital in a deal that will add 150 advisors and $4.1 billion in client assets to the Minneapolis-based firm's balance sheet. Ameriprise said Tuesday it signed a definitive agreement to acquire the retail assets of JHS. Details regarding the cost of the deal were not disclosed. “This is a natural fit in terms of both firms’ shared commitment and dedication to providing outstanding service to clients. We look forward to helping JHS advisors grow and serve their clients under the Ameriprise banner,” Neal Maglaque, Ameriprise chief operating officer and head of business development within the company’s advice and wealth management division, said in a statement. JHS, which started off as Pointe Capital until John Sykes acquired the firm in 2009,...

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An Overlooked Benefit of Going Independent: Quality of Life

19:44 23 April in Articles Written by Jon Henschen by rafferty

April 23, 2015 ThinkAdvisor by Jon Henschen   In a recent article in Financial Advisor IQ, two reps that left Morgan Stanley, Brian Luts and David Greenleigh, discussed the benefits of moving from the wirehouse to Wells Fargo’s independent arm (FINET). “Our operating margins are still significantly better than when we worked as employees,” according to Luts, who also commented that he’s now netting about 70%. David Greenleigh noted that the higher margins allow his practice to work with fewer clients. “At Morgan Stanley, we would’ve had to more than double the number of people we served to reach our goals.” Luts’ and Greenleigh’s remarks point to a benefit of going independent that is rarely touted by the channel: making more with less and freeing up your time for a better quality of life. The Constant Push at...

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The Next Rung

15:53 13 April in In the News by rafferty

By Dan Jamieson April 1, 2015 Financial Advisor   After last year’s frenetic merger activity, together with strong equity markets and a competitive recruiting environment, independent broker-dealers are recommitting to organic growth. They’re also making plans to reinvent themselves for the next generation of advisors and investors, by building practice-management and consulting services, addressing the challenge of planning for succession and beefing up their technology—even by coming up with some robo-like offerings. Last year, the industry was fixated on the rampant merger activity of real estate investor turned broker-dealer player Nicholas Schorsch and his RCS Capital Corp. (RCAP), which purchased Cetera Financial Group. That changed in the wake of an accounting scandal late last year at Schorsch’s American Realty Capital Properties. After that, the REIT mogul ended any associations he had with his publicly traded...