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In the News

Rep magazine

LPL Financial Pays to Bring Assets Over

20:16 15 June in In the News by rafferty

June 2015 issue of Rep Magazine

By Megan Leonhardt

 

The independent broker/dealer is taking steps to boost its fee-based and advisory business.

LPL Financial is offering its hybrid advisors up to $100,000 to shift their assets held elsewhere to LPL’s advisory platforms, according to an internal communication.

The firm is rolling out a new Off Platform Asset Conversion Program, which aims to assist dually registered, or hybrid, advisors—defined as those that operate an independent RIA and use the broker/dealer–in transitioning their assets held at other custodians and third-party investment advisor, such as AssetMark and Envestnet, to the firm’s advisory platforms.

“We feel LPL has the best custody platform in the industry, and we are proud that our advisors custody the majority of their client assets with LPL,” the firm said in a statement.

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financial advisors

Two Roads For Small B-Ds

17:20 03 June in In the News by rafferty

June 1, 2015

By Dan Jamieson, Financial Advisor

Smaller broker-dealers are facing two divergent paths.

One path leads to a dead end, a route being followed by aging B-D owners who, faced with expanding regulatory costs, are looking to get out of the business. The other road, traveled by B-Ds looking to survive, offers opportunities to acquire advisors and assets from firms that exit the business.

“The sad fact is that a lot [of small B-Ds] won’t be around in a few years because they don’t have the money” to keep up with compliance costs, says Joel Blumenschein, president of Freedom Investors Corp. in Brookfield, Wis., which has about 75 reps.

The latest statistics from the Financial Industry Regulatory Authority show that the long-term decline among B-Ds continues.

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ThinkAdvisor

FINRA Floats ‘Watered Down’ BrokerCheck, Broker Bonus Rules

16:36 29 May in In the News by rafferty

May 29, 2015

By Melanie Waddell, ThinkAdvisor

 

Self-regulator seeks comments, SEC approval on new plans

The Financial Industry Regulatory Authority just released two “watered down” proposals — one that requires firms to have a link on their websites to BrokerCheck and another that would require firms to provide an “educational communication” to former clients when a broker switches firms.

FINRA sent its proposed rule regarding BrokerCheck to the Securities and Exchange Commission for approval, while its Regulatory Notice 15-19 regarding recruitment compensation is out for public comment until July 13.

FINRA’s revised proposal on member websites would amend FINRA Rule 2210 (Communications with the Public) to require each of a member’s websites to include a “readily apparent reference” and hyperlink to BrokerCheck on the initial webpage that the member intends to be viewed by retail investors and any other page that includes a professional profile of one or more registered persons who do business with retail investors.

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