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Author: rafferty

Financial Advisor IQ a Financial Times Service

Wells Fargo’s Indie Channel Growing Faster Than Captives

17:25 19 February in In the News by rafferty

February 15, 2015

By Murray Coleman, Financial Advisor IQ

 

After working more than 35 years at Merrill Lynch, advisor Don O’Neal decided in early 2013 to make a switch. Along with his longtime partner, Teresa Brokaw, he packed up and joined a rival wirehouse. But instead of becoming a captive broker, the pair signed up with the Wells Fargo Advisors Financial Network, or FiNet, the firm’s independent channel.

“It gave us the best of both worlds,” says O’Neal, whose practice manages $175 million and is based in Lynwood, Wash. “We own the business and our clients, but we still get support from Wells Fargo for back-office and investment platforms that are similar to what we’ve used in the past.”

Their story isn’t unique.

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Another Key Executive Departs LPL

16:56 26 January in In the News by rafferty

January 23, 2015

Bruce Kelly, Investment News

James Sorey, LPL’s top East Coast recruiter, is leaving for another broker-dealer

LPL Financial’s top recruiter on the East Coast, James Sorey, left the firm earlier this month, continuing a brain drain at the nation’s largest independent broker-dealer.

Mr. Sorey was senior vice president, East region manager, for LPL. He was based in Charlotte and reported to LPL’s head of recruiting, executive vice president Steve Pirigyi.

“We wish James well,” said LPL spokesman Brett Weinberg, who declined to comment further about Mr. Sorey’s potential replacement.

Mr. Sorey is expected to take a position in February at an insurance company owned broker-dealer, Lincoln Financial Network, according to an industry source who asked not to be named.

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Are Privately Owned Broker-Dealers a Dying Breed?

16:46 08 December in Articles Written by Jon Henschen by rafferty

December 2014 issue of Investment Advisor

 

Fewer privately owned broker-dealers leave those remaining in high demand

With the recent sales of broker-dealers, have you noticed how many BDs in the top 50 are privately owned? This was the question posed to me by David Fischer, CMO of Independent Financial Group, a broker-dealer based in San Diego.

Frankly, I hadn’t thought about it. So I did some research. In 2008, there were 20 broker-dealers in the top 50 that were privately owned. Fast forward to 2014 and that number drops to 10, a 50% decrease.

During our conversation, Fischer said that his group is loving the fact that his firm is part of a decreasing pool of privately owned broker-dealers because their recruiting has been on fire—they recently brought on a $1.5 million producer within weeks of obtaining another large producer group.

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