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Jon Henchen 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

The Chilling Effect of an Over-Zealous FINRA’s Gibbeting

16:59 11 November in Articles Written by Jon Henschen by rafferty

November 11, 2016

by Jon Henschen, as featured on ThinkAdvisor

Displaying the bodies of executed criminals in public was a common practice in medieval times. The authorities did so to deter anyone from considering committing similar crimes. The practice, known as “gibbeting” refers to the mechanism from which the corpses of the criminals were hung when put on public display.

FINRA also does gibbeting, although metaphorically, through FINRA BrokerCheck as well as the numerous press articles on advisor misdeeds we see daily. The trend over the last few years reveals that issues previously either not on FINRA’s radar or considered minor issues are now not only a big deal but potentially a career ender.

Unintended Wrongdoing or Felony Offense?

My intent is not to diminish the severity of legitimate wrongdoing,

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ThinkAdvisor

Cetera’s Roth: RCAP Filing Is ‘Fresh Start,’ With Money for Rep Retention

14:54 29 March in In the News by rafferty

March 28, 2016

By James J. Green, ThinkAdvisor

 

RCS Capital Corp. (RCAPQ) announced Monday that some of the holding companies of its broker-dealers, and other debt holders, filed a prepackaged plan of reorganization under Chapter 11 with the U.S. Bankruptcy Court for the District of Delaware.

Larry Roth, CEO of the IBD network Cetera Financial Group, which RCAP purchased in January 2014 and includes 10 broker-dealers, said in a statement that the filing “puts us in the home stretch to complete our transformation into a Cetera-only organization that is independent, well-capitalized and privately owned.” He said the reorganization, now scheduled for completion by May 2016 (pending bankruptcy court, regulatory and other approvals) “will truly be a fresh start for Cetera that will include significant additional capital for us.”

That capital will help fund a retention program for eligible Cetera-affiliated advisors in the new Cetera-only company.

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