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Author: rafferty

Another IBD-Seller of Private Placement Closes Up Shop

19:17 17 August in In the News by rafferty

August 13, 2012
by Diana Britton, WealthManagement.com

Dallas-based Milkie/Ferguson, which sold Provident Royalties, has closed up shop and moved its 26 brokers over to Berthel Fisher & Company.

Another independent broker/dealer that sold problematic private placements by Provident Royalties plans to close its doors, pending FINRA approval. Dallas, Texas-based Milkie/Ferguson Investments filed to have its registration with FINRA terminated July 26. The firm has signed a recruiting deal with Berthel Fisher & Company, an IBD based in Marion, Iowa, to transfer its 26 advisors and $450 million in assets to Berthel.

Thomas Berthel, CEO and director of Berthel Fisher, confirmed the deal, first reported by WealthManagement.com. When you call Milkie/Ferguson’s main line, an automated message tells callers that all of the b/d’s operations have moved to Berthel Fisher and provides a contact number there.

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Woodbury-Advisor Group Deal: A Recruiter’s Perspective

00:01 04 August in Articles Written by Jon Henschen by rafferty

August 3, 2012
by Jon Henschen and featured on AdvisorOne

Insight into what will happen next

As far as acquisition matches go, the purchase of Woodbury by AIG can turn out to be one of the better retention purchases by the insurance giant. To be sure, the AIG story will be carefully edited so it’s one that will entice as well as bringing a feeling of security.  Many positives exist with this acquisition but wrinkles are always lurking beneath the surface.

Woodbury will probably experience very good retention with their reps, primarily due to retention bonuses already paid, but also for the following:

  • No paperwork in making the change
  • More retention money probably coming
  • RVP’s working hard to talk up the new owner (they are paid bonuses for the reps taking retention bonuses)
  • AIG promising to plug in their technology which would be an improvement to what they have
  • They are having a conference in two weeks where they’ll have a pep talk with Larry Roth and Benmouche speaking to the reps giving them a “You’ve gone to heaven” perspective to the purchase.
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Finra’s fee hikes will KO some smaller firms

23:53 03 August in In the News by rafferty

July 30, 2012
Online Chatter, Investment News


“Richard Ketchum, the CEO of Finra, earns $2.25 million, and the top 10 executives at Finra earn a total of $10,466,750.  Finra has more executive vice presidents than the Obama administration has czars.  Why not pay for the expenses out of upper management’s inflated compensation or cut the excessive layers of management?” -Jonathan Henschen

 

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