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In the News

DOL regulation translates into pay cut for some advisers

20:14 21 July in In the News by rafferty

July 20, 2017

By Bruce Kelly, Investment News

The Department of Labor’s fiduciary rule has morphed into a pay cut for some advisers, who are left wondering whether a reduction in their compensation is being used to bolster the bottom lines of the broker-dealers with which they work.

Sure, it would be rather cynical to say that firms are taking advantage of the new fiduciary rule, meant to eliminate potential conflicts brokers face when recommending one product to clients rather than another. The rule is meant to do good for investors, so how could it be twisted to the detriment of advisers?

The brokerage business can be a cynical business. Just think of the dotcom bomb of 2000 and the credit crisis of 2008.

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financial advisors

Raymond James Financial Moving To Single Payout Grid

19:42 05 July in In the News by rafferty

July 5, 2017

By Dan Jamieson, Financial Advisor

 

In response to the DOL fiduciary rule, Raymond James Financial Services will be changing its compensation plan so that all production is paid off of one grid.

The move comes at a time when many broker-dealers are wrestling with the issue of broker payouts in expectation that they will face more scrutiny in a post-DOL world. Some observers speculated that the switch to a single payout grid was designed to eliminate the perception of potential conflicts of interest.

Next year, the independent contractor unit of Raymond James Financial will switch to a single payout grid that starts at 81 percent for trailing 12-month branch production up to $500,000, topping out at 90 percent at the $10 million-plus level.

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ThinkAdvisor

Victor Fetter Is Out at LPL; Former AmEx, eBay Exec Is In

21:36 22 June in In the News by rafferty

June 22, 2017

By Janet Levaux, ThinkAdvisor

The IBD taps Scott Seese for the CIO post in a move that one recruiter calls ‘a big deal’

LPL Financial says Chief Information Officer Victor Fetter is leaving the firm and will be replaced on July 10 by Scott Seese, who has been CIO of American Express’ global consumer business unit and of eBay.

The change comes about six months after Dan Arnold stepped into the CEO slot left by the retiring Mark Casady, who also acted as chairman. Previously, Arnold was president of the independent broker-dealer, a role he took on in 2015, when Robert Moore departed.

LPL’s stock traded down about 2% at under $41 per share on Thursday.

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