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Cetera Shuttering Broker-Dealer, Pushing Out Some Reps

17:47 31 July in In the News

July 30, 2015

By Janet Levaux, ThinkAdvisor

 

Recruiter says about half of the J.P. Turner advisors have been invited to join Summit Brokerage

Cetera Financial Group says it has moved to close an independent broker-dealer it acquired in 2014, mainly due to issues regarding its main clearing partner.

“Cetera Financial Group is winding down J.P. Turner in order to enable advisors at that firm to more rapidly access the full range of services and support our network offers through Pershing,” said CEO Larry Roth in a statement shared with ThinkAdvisor late Thursday.

When it became clear that Pershing would not add J.P. Turner to its clearing platform, advisors decided it made sense for the roughly 300 J.P.

Cetera closing J.P. Turner, offering some brokers jobs at Summit

20:10 30 July in In the News
July 30, 2015

Bruce Kelly, Investment News

 

CEO Larry Roth claims move is not part of any widespread consolidation

Cetera Financial Group is closing down one of its broker-dealers, J.P. Turner & Co., and inviting select advisers to join another of its firms.

Over the past few weeks, about half of the 300 advisers at J.P. Turner & Co. have been invited to move to Summit Brokerage Services Inc., another Cetera broker-dealer, according to several brokerage executives and industry recruiters. The remainder of the J.P. Turner reps not going to Summit are scattering across the industry, industry executives and recruiters said.

RCS Capital Corp., or RCAP, acquired J.P. Turner and Summit in 2014, placing them under the Cetera umbrella.

Head of Lincoln’s IBD Steps Down to Lead ProEquities

19:55 29 July in In the News

July 28, 2015

By Diana Britton, WealthManagement.com

 

Christopher Flint has stepped down from his role as president of Lincoln Financial’s independent broker/dealer arm to serve as ProEquities’ new president and CEO. ProEquities, an independent b/d in Birmingham, Ala., has about 1,000 advisors and is owned by Protective Life Corporation.

Flint has been with Lincoln for the last nine years, most recently as head of Lincoln Financial Securities and head of Lincoln Financial Network’s advisor recruitment and acquisition strategies. Prior to that, he served as senior vice president of branch office development at Securities America.

Earlier this year, Protective Life was acquired by The Dai-ichi Life Insurance Company, a Japan-based private sector life insurer.