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ThinkAdvisor

Casady Leaving LPL at ‘Challenging Time,’ Recruiters Say

16:16 06 December in In the News by rafferty

December 5, 2016

By Janet Levaux, ThinkAdvisor

The independent broker-dealer says President Dan Arnold will take over in 2017

LPL Financial’s Mark Casady will step down as CEO on Jan. 3, 2017, the firm said Monday.

Casady, 56, who has run the Boston-based independent broker-dealer for 10 years, will stay on as non-executive chairman through March 3.

President Dan Arnold will take over as CEO. Arnold has served as LPL’s president since March 2015, having joined the firm in 2007.

“The board extends its deep appreciation to Mark for his outstanding leadership and careful stewardship of the LPL mission over the past 14 years, and we wish him the very best in his retirement,” said Jim Putnam,

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financial advisors

DOL Rule Could Force Broker Moves

16:31 01 December in In the News by rafferty

November 30, 2016

By Dan Jamieson, Financial Advisor

Many advisors who will be unable to sell commissioned investments in IRAs after the DOL rule goes into effect are being forced to shop for new homes.

Firms and recruiters are seeing an uptick in the number of inquiries by reps looking for firms that will accommodate commission business. Some firms appear to be waiting to see if the rule survives, but that’s a big risk, observers said, because advisors can’t be stuck come April, when the rule is set to go into effect, with no way to do business.

The best-interest contract exemption, or BICE, allows brokers to sell commissioned investments to IRA owners.

“We have never had so many live recruits,” echoed Steve Distante,

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Ron Carson’s jump from LPL a big win for Cetera

16:45 19 November in In the News by rafferty

November 18, 2016

By Bruce Kelly, Investment News

CEO Robert Moore proves he’s not afraid to go toe-to-toe with LPL to recruit top advisers

When Robert Moore joined Cetera Financial Group in May as chairman, and later became CEO, many in the industry wondered if he would recruit head-to-head with his old employer, LPL Financial.

They now have their answer.

Mr. Moore and Cetera have landed one of LPL’s largest and well-known brokers, Ron Carson, who heads a practice with $7.4 billion in client assets, according to a source with knowledge of the move.

The move could also have a big impact on LPL. Mr. Carson’s departure could make other brokers nervous, said one analyst.

“You are losing one of your big,

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