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Financial Advisor Tag

What Boomers’ Retirement Means for the Advisor Industry

16:51 21 July in Articles Written by Jon Henschen by rafferty

July 18, 2017

By Jon Henschen, published on WealthManagement.com

 

Our industry will be unable to keep up with the demand for new advisors to fill the vacancies left by boomers retiring.

The number of financial advisors (RIAs) peaked in 2008 at 325,000. By 2014, that number dropped to 285,000 (Cerulli Associates). The number of FINRA registered representatives is currently at 633,822 (April 2017), which is down from 643,433 in 2015. This reflects only the beginning of boomer retirement trends. Public accounting firm Moss Adams has forecast a shortfall of 200,000 advisors by 2022, with boomer retirement continuing through 2030. This will only compound the shortfall of advisors. The average age of advisers today is over 50, and 41 percent of advisors are 55 or older according to Cerulli.

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financial advisors

Raymond James Financial Moving To Single Payout Grid

19:42 05 July in In the News by rafferty

July 5, 2017

By Dan Jamieson, Financial Advisor

 

In response to the DOL fiduciary rule, Raymond James Financial Services will be changing its compensation plan so that all production is paid off of one grid.

The move comes at a time when many broker-dealers are wrestling with the issue of broker payouts in expectation that they will face more scrutiny in a post-DOL world. Some observers speculated that the switch to a single payout grid was designed to eliminate the perception of potential conflicts of interest.

Next year, the independent contractor unit of Raymond James Financial will switch to a single payout grid that starts at 81 percent for trailing 12-month branch production up to $500,000, topping out at 90 percent at the $10 million-plus level.

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ThinkAdvisor

Former Investors Cap CEO Resurfaces After a Costly Lesson

16:25 09 January in In the News by rafferty

January 6, 2017
By Janet Levaux, ThinkAdvisor

The prior head of Investors Capital is relaunching his career after apparently losing money in the deal with RCS Capital

Investors Capital CEO Tim Murphy is now working for a hybrid RIA affiliated with his former rival LPL Financial.

Murphy, who was with Investors Cap since 1994, led the independent broker-dealer through its $52.5 million merger with troubled RCS Capital (RCAP), which later emerged from bankruptcy as Cetera Financial Group. Cetera later chose to close Investors Cap and move some its registered reps to Cetera Advisors.

According to several industry sources, Murphy and other Investors Capital stakeholders accepted a large amount of stock in RCAP — 84% of the purchase price — as part of the deal,

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