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Author: rafferty

Ladenburg Thalmann to Buy Securities America

11:41 26 October in In the News by rafferty

September 28, 2011
by Janet Levaux at Research Magazine

Ladenburg Thalmann said that it planned to pay Ameriprise Financial $150 million in cash for Securities America in late August. In addition, the Miami-based broker-dealer says it will pay up to $70 million in 2012 and 2013 in so-called earn-outs, as the firm explained in an SEC report. Plus, Ameriprise continues to be responsible for any costs related to the sale of certain private-placements.

News has also been reported about the size of retention bonuses being offered to Securities America’s 1,700 advisors, who are led by Jim Nagengast. (Ladenburg Thalmann says it cannot comment on matters other than what is said in the 8-K filing.)

As for the additional $70 million being promised to Ameriprise,

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investment advisor

Top Five Reasons Advisors Change Broker/Dealer

04:01 08 October in Articles Written by Jon Henschen by rafferty

October, 2011
by Jon Henschen and featured in Investment Advisor

Culture shock is the top reason advisors look for a new BD

Several years ago I wrote about what motivates advisors to change their broker-dealer. Much has changed since then, so it’s time for an update. This time, rather than basing the reasons solely on our own recruiting experiences, we sought out the feedback of various broker-dealers for greater objectivity. Also, this review focuses on the perspective of advisors who are already at an independent broker-dealer and looking for a new one. We didn’t bring wirehouse advisors into the mix, as their criteria for change are somewhat more static and narrowly focused.

The Top Five Reasons Advisors Make a Move: Then

  • Unhappiness with their current relationship
  • Seeking better business support services
  • Looking for better technology
  • Need better product offerings
  • Desire for higher/lower payouts

The Top Five Reasons Advisors Make a Move: Now

  • Discontent with culture change
  • Worn down by heavy-handed compliance
  • Desire to net more
  • Looking for greater service
  • Wanting financial stability,
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BofA’s Darnell Vows to ‘Get Out of the Way’ as Leader of Merrill Brokers

20:57 07 October in In the News by rafferty

September 28, 2011
by Hugh Son at Bloomberg News

BofA’s Darnell Vows to ‘Get Out of the Way’ as Leader of Merrill’s Brokers

Bank of America Corp. (BAC)’s David Darnell, the commercial banker put in charge of the lender’s Merrill Lynch brokerage, promised employees he’ll do anything including “get out of the way” to help them improve results.

Darnell, 58, addressed the Charlotte, North Carolina-based lender’s16,241 financial advisers on Sept. 13 for the first time since being named co-chief operating officer. His message: leaders including John Thiel, head of U.S. wealth management and Andrew Sieg, head of global wealth and retirement solutions, will be running the show.

“My job is to do everything I can to help and if not, I’m going to get out of the way,” Darnell told a standing-room only,

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