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Author: rafferty

ThinkAdvisor

Tom Bradley’s Sad, but Unsurprising, Exit From TD Ameritrade

19:12 08 September in In the News by rafferty

September 8, 2017

By Janet Levaux, ThinkAdvisor 

Industry observers lamented the departure of Tom Bradley, the former head of both RIA and retail operations at TD Ameritrade.

Bradley’s time at the brokerage firm ended Thursday, when TD Ameritrade said that, as part of its merger with Scottrade, it was putting Pete deSilva in charge of the combined firm’s retail distribution business.

“Talk about a leader. Bradley was one of the good guys. He put his heart and soul into the RIA business” over the past 30 years, said consultant Tim Welsh of Nexus Strategy in an interview. “He championed the RIA cause when no one else was,” Welsh said, “since day one. TD’s RIAs will miss that.”

Others agree.

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MetLife cutting annuity pay to some of its former advisers

02:17 07 September in In the News by rafferty

September 5, 2017

By Bruce Kelly, Investment News

MetLife Inc. is cutting compensation on annuities sold by former advisers who moved to other broker-dealers after MetLife sold its Premier Client Group last year to Massachusetts Mutual Life Insurance Co.

And the cut in pay is drastic. According to a memo from LPL Financial last week to the former MetLife Premier Client Group advisers who now work at LPL, asset based trail compensation rates will be reduced to approximately 27% of current levels.

That means if an adviser received an upfront commission of 1% to 2% and an annual 100 basis point trailing commission after selling a variable annuity to a client, that annual trailing payment would be reduced to 27 basis points,

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financial advisors

Recruiting Speeds Up

20:05 31 August in In the News by rafferty

By Dan Jamieson

August 2017 issue of Financial Advisor Magazine

Recruiting activity among independent broker-dealers is regaining momentum now that the DOL rule is back on track.

Many advisors have been evaluating their broker-dealer relationships in light of the new requirements the DOL will impose. Big firms like LPL Financial and Raymond James are changing their payout formulas in response to the rule and others are likely to follow.

But independent broker-dealer execs say that some recruits in the pipeline held back on making decisions early in the year after President Trump ordered a review of the rule. That gave opponents of the DOL plan—including many B-Ds and independent reps—some hope that the rule would be indefinitely postponed.

But the U.S.

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