Author: rafferty

Raymond James Coddles Ex-Wirehouse FAs

October 23, 2014

By Chris Latham, Financial Advisor IQ

Wirehouse advisors looking to break away don’t always get to chat face-to-face with both the chairman and the COO of the new firm they’re thinking of joining. Yet such a conversation was what swayed Thomas Dedrick to sign on with Raymond James & Associates from Merrill Lynch last February.

“When I walked out of that meeting, I knew this was the place I wanted to be,” says the Tuscaloosa, Ala., advisor, whose two-person team made the move with him. “It reminded me a lot of how Merrill was when I started with them back in 1982.”

Dedrick’s path exemplifies how Raymond James woos wirehouse breakaways and makes them comfy once they set up shop.

RIA Assets Jumped 12.6% in 2014: IAA/NRS Study

October 15, 2014

By Melanie Waddell, ThinkAdvisor

Regulatory assets held by advisors registered with the Securities and Exchange Commission increased by $6.9 trillion (12.6%) in 2014 to $61.7 trillion from the $54.8 trillion held last year, with the top 1% of advisors managing more than 52% of that total, according to the Investment Adviser Association and National Regulatory Services’ Evolution/Revolution report, released Tuesday.

In their 14th annual report based on Form ADV, Part 1 data filed by all SEC-registered advisors as of April 7, IAA and NRS also found that the total number of SEC-registered advisors increased from 10,533 in April 2013 to 10,895 in April 2014.

FINRA’s Big-Brokerage Loyalty Revealed in New Bonus Plan: Lawyer

September 22, 2014

By Melanie Waddell, ThinkAdvisor

New plan requires recruiting firms to provide a FINRA-created educational communication to former retail customers of a transferring rep

The Financial Industry Regulatory Authority issued for public comment on Friday a proposal that curtails its earlier draft rule requiring, in most cases, disclosure of recruitment bonuses and incentives.

The proposal would require recruiting firms to provide a FINRA-created educational communication to former retail customers of a transferring representative who are considering transferring assets to the rep’s new firm.

Patrick Burns, a lawyer for breakaway brokers, says that the proposed FINRA-created communication would highlight the potential implications of transferring assets to the new firm and suggest questions the customer may want to ask to make an informed decision.