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broker dealer Tag

Another Insurance Firm Sheds Broker/Dealer

20:42 08 August in In the News by rafferty

August 8, 2017

By Diana Britton, WealthManagement.com

Kestra Financial, the independent broker/dealer formerly owned by NFP, has entered an agreement to acquire H. Beck, a firm owned by insurance company Securian Financial Group. The deals adds about 600 advisors and $2.4 billion in client assets to Kestra’s platform.

Securian is the latest insurance company to sell a broker/dealer unit. Securian purchased H. Beck nine years ago. The firm still owns Securian Financial Services, its other b/d with 1,200 advisors.

“We’ve entrusted this business to Kestra Financial with the intention to increase our focus on our other businesses, including Securian Financial Services, and the expectation that Kestra Financial will be a good steward for the 600-plus advisors affiliated with HBI,” said George Connolly,

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ThinkAdvisor

100% Advisory Payouts & 7 Other ‘Heresies’

17:26 29 June in Articles Written by Jon Henschen by rafferty

June 28, 2017

By Jon Henschen, as published on ThinkAdvisor

Advisors take note: Many sacred cow profit centers being disrupted by broker-dealers promoting “loss leaders” to prospects

There is a mad scramble going on as new DOL rules erode once reliable sources of independent broker-dealer revenue. Shifting or creating new profit centers is becoming an obsession for broker-dealers.

For some, it’s a matter of survival. For others, such as private-equity owned broker-dealers, getting profits up to a level that will make the broker-dealer attractive for an aggressive sale price is the prime motivation.

New DOL rules are also causing broker-dealers to implement more conservative compliance policies that many advisors find too restrictive. For firms that buck the trend,

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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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