In the News

Mid-Sized IBD Shifts Into Growth Mode

December, 2011
by Diana Britton and featured in Registered Rep

Tampa, Fla.-based Calton & Associates, an independent broker/dealer with over $2 billion in assets, has recently ramped up its marketing and recruiting efforts after flying under the radar for the last 25 years. The firm plans to build itself up through mergers and acquisitions with smaller b/ds as well as by bringing on new reps and RIAs.“The regulatory requirements for a $250,000 b/d, like we are, just continue to mount,” said Dwayne Calton, president and CEO of Calton. “If you’re not growing, you’re dying; you just don’t know it yet.”

To solidify its plans, Calton recently formed a recruiting and marketing agreement with John Simmers, who co-founded IBD Financial Network Investment Corporation, which eventually became part of the ING Advisors Network,

Ladenburg Thalmann to Buy Securities America

September 28, 2011
by Janet Levaux at Research Magazine

Ladenburg Thalmann said that it planned to pay Ameriprise Financial $150 million in cash for Securities America in late August. In addition, the Miami-based broker-dealer says it will pay up to $70 million in 2012 and 2013 in so-called earn-outs, as the firm explained in an SEC report. Plus, Ameriprise continues to be responsible for any costs related to the sale of certain private-placements.

News has also been reported about the size of retention bonuses being offered to Securities America’s 1,700 advisors, who are led by Jim Nagengast. (Ladenburg Thalmann says it cannot comment on matters other than what is said in the 8-K filing.)

As for the additional $70 million being promised to Ameriprise,

BofA’s Darnell Vows to ‘Get Out of the Way’ as Leader of Merrill Brokers

September 28, 2011
by Hugh Son at Bloomberg News

Bank of America Corp. (BAC)’s David Darnell, the commercial banker put in charge of the lender’s Merrill Lynch brokerage, promised employees he’ll do anything including “get out of the way” to help them improve results.

Darnell, 58, addressed the Charlotte, North Carolina-based lender’s16,241 financial advisers on Sept. 13 for the first time since being named co-chief operating officer. His message: leaders including John Thiel, head of U.S. wealth management and Andrew Sieg, head of global wealth and retirement solutions, will be running the show.

“My job is to do everything I can to help and if not, I’m going to get out of the way,” Darnell told a standing-room only,