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In the News

DOL Storm Watch

16:49 06 April in In the News by rafferty

April 4, 2016, Financial Advisor Magazine

Author Dan Jamieson’s article opens with, “It wouldn’t be an overstatement to say that independent broker-dealers spent the first two weeks of March in a state of paralysis, awaiting the final outcome of the Department of Labor’s fiduciary rule…”

“I’d have to say, [Cetera has] done a good job of keeping their reps intact,” says recruiter Henschen. He adds that the Advisor Group didn’t have the extended period of bad press Cetera did.

Read the full article from Financial Advisor Magazine.

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ThinkAdvisor

Cetera’s Roth: RCAP Filing Is ‘Fresh Start,’ With Money for Rep Retention

14:54 29 March in In the News by rafferty

March 28, 2016

By James J. Green, ThinkAdvisor

 

RCS Capital Corp. (RCAPQ) announced Monday that some of the holding companies of its broker-dealers, and other debt holders, filed a prepackaged plan of reorganization under Chapter 11 with the U.S. Bankruptcy Court for the District of Delaware.

Larry Roth, CEO of the IBD network Cetera Financial Group, which RCAP purchased in January 2014 and includes 10 broker-dealers, said in a statement that the filing “puts us in the home stretch to complete our transformation into a Cetera-only organization that is independent, well-capitalized and privately owned.” He said the reorganization, now scheduled for completion by May 2016 (pending bankruptcy court, regulatory and other approvals) “will truly be a fresh start for Cetera that will include significant additional capital for us.”

That capital will help fund a retention program for eligible Cetera-affiliated advisors in the new Cetera-only company.

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ThinkAdvisor

LPL, Edward Jones Pre-DOL Rule Shifts: Smart Moves or Overreaction?

15:49 18 March in In the News by rafferty

March 7, 2016

By Janet Levaux, ThinkAdvisor

 

Industry watchers share their views on the merits and drawbacks of such an approach by several broker-dealers

The financial-services industry is holding its breath in anticipation of the Department of Labor’s new fiduciary standard. A couple players, though, have chosen to exhale and roll out pre-emptive programs.

LPL Financial (LPLA) announced Wednesday that it would cut prices and account minimums and launch a fund-only brokerage IRA option. And Edward Jones says it is in the pilot stage of a program to let clients with just $5,000 “get guided support.”

Do such moves make sense? Industry recruiters and consultants have mixed feelings, though at least one consumer group is pleased.

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