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In the News

LPL Pushes Upstream to Court HNW Clients

16:44 27 May in In the News

May 27, 2015

By Danielle Verbrigghe, FUNDFfire 

LPL Financial is arming its advisors to attract high-net-worth clients and hitting the road to promote its new private client program.

LPL first started offering its new private client program, which includes consulting services, practice management, research and technology resources geared at helping advisors attract and serve high-net-worth clients, late last year to a selective group of advisors. Now the firm has opened the program up to its entire force of more than 14,000 advisors across its independent broker-dealer and registered investment advisor (RIA) channels. The firm has also stepped up efforts at promoting the new offering, hoping to drive growth in the high-net-worth segment.

As part of its efforts, LPL is calling on its third-party asset management partners to play a role in helping educate advisors about tactics and strategies for serving wealthy investors.

Another Small B/D to Close Up Shop

16:30 27 May in In the News

May 26, 2015
By Diana Britton, WealthManagement.com

 

After five years in business, David Kassir, owner and CEO of Falls Church, Va.-based broker/dealer Manna Capital Management, closed up shop this month. He then joined Wells Fargo Advisors Financial Network as an independent practice, bringing with him $77 million in assets.

“There’s no way on Earth one or two people can run a broker/dealer and sustain in this environment and be profitable,” Kassir said. “Unless the regulations change, it’s a broken model and that we will continue to see … compression in the industry.”

More b/ds are following the same path due to, many say, increased administrative and regulatory burdens. Often, the principals of those small shops are moving on to larger firms.

Ameriprise To Buy Florida-Based JHS Capital

22:42 28 April in In the News

April 28, 2015

By Megan Leonhardt, WealthManagment.com

Ameriprise Financial is set to acquire Tampa-based JHS Capital in a deal that will add 150 advisors and $4.1 billion in client assets to the Minneapolis-based firm’s balance sheet.

Ameriprise said Tuesday it signed a definitive agreement to acquire the retail assets of JHS. Details regarding the cost of the deal were not disclosed.

“This is a natural fit in terms of both firms’ shared commitment and dedication to providing outstanding service to clients. We look forward to helping JHS advisors grow and serve their clients under the Ameriprise banner,” Neal Maglaque, Ameriprise chief operating officer and head of business development within the company’s advice and wealth management division, said in a statement.