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In the News

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Ameriprise Acquires $8B Indie Brokerage

17:42 26 April in In the News by rafferty

April 25, 2017

By Danielle Verbringe, FundFire

 

Ameriprise Financial has announced plans to acquire Investment Professionals Inc. (IPI), in a deal poised to add 200 advisors and $8 billion in client assets.

IPI, a San Antonio, Texas-based independent broker-dealer which specializes in providing investment programs to banks and credit unions, will operate as a new Ameriprise advisor channel focused on serving financial institutions, according to a press release from Ameriprise.

“We see this as a new growth opportunity and another avenue for providing an outstanding client experience,” said Pat O’Connell, executive v.p. of Ameriprise Advisor Group, in an email response to questions.

Scott Barnes, chairman and founder of IPI, will serve in an advisory role with Ameriprise.

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Will Schwab’s New Hybrid Platform Steal Clients From Schwab RIAs?

16:07 20 March in In the News by rafferty

March 14, 2017

By Janet Levaux, ThinkAdvisor 

 

It’s possible that the new offering could lure advisor clients away, argues one recruiter, while another disagrees

Charles Schwab unveiled its anticipated hybrid advisory service, Schwab Intelligent Advisory, on Tuesday.

Investors seeking both human and digital advice can sign up for the service, which charges an annual fee of 0.28% to manage at least $25,000 of assets (including a quarterly maximum fee of $900). For the fee, investors will receive a specific financial plan, ongoing advice and input from veteran planning consultants, as well as an automated portfolio.

The rollout comes six weeks after robo-advisor Betterment launched its own hybrid offerings.

“Robo-advisors are now upping their game by providing access to financial advisors in addition to their firm’s automated investment offerings.

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National Holdings Corp. acquires independent broker-dealer WFG Investments

15:53 20 March in In the News by rafferty

March 14, 2017

By Bruce Kelly, Investment News

The transaction comes as industry executives and consultants expect more consolidation in the IBD industry  

In the midst of a punishing business environment for small and mid-sized broker-dealers, National Holdings Corp. said on Monday it was acquiring select assets of Williams Financial Group of Dallas, including its independent broker-dealer, WFG Investments.

Williams Financial Group has approximately 230 financial professionals nationwide with approximately $6.5 billion in client assets under management. Under the terms of the transaction, National will pay $2.3 million in initial consideration at the closing, which is subject to the approval of the Financial Industry Regulatory Authority Inc. There is potential for additional cash and/or stock payments if certain performance targets are met within three years following the deal’s closing.

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