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ThinkAdvisor

Who’s in Charge at Cetera?

15:37 30 August in In the News by rafferty

August 29, 2016

By Janet Levaux, ThinkAdvisor

Rumors are rife that CEO Larry Roth may be replaced by Chairman Robert Moore

Is CEO Larry Roth still leading Cetera Financial Group’s parent firm and its 9,000 independent reps? Or is Chairman Robert Moore, a former executive with rival LPL Financial (LPLA), running the ship?  Stay tuned, sources say.

According to a Cetera spokesperson, “As a matter of policy, we do not publicly discuss speculation or rumors related to our organization.”

Investors are not happy with low oil prices, and a growing number of them are taking action against their advisors.

The news of a possible change at the top was first reported by RIABiz on Friday.

The current owners include Fortress Investment Group,

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LPL Shares Details on New Mutual Fund-Only Accounts

17:49 17 August in In the News by rafferty

August 12, 2016

By Janet Levaux, ThinkAdvisor

 

The new accounts deliver ‘cost benefits of direct business but with the ability to supervise that comes with LPL custody,’ the firm says.

LPL Financial is sharing details with its affiliated independent financial advisors about the new mutual fund-only brokerage account it expects to roll out in the first quarter of 2017.

The firm says that new type of account “delivers cost benefits of direct business but with the ability to supervise that comes with LPL custody,” according to a statement: It will have no IRA custodial fees or trading costs, should have an upload charge of 3 to 3.5% with a trail payment and is set to include a selection of products offered by mutual fund families.

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LPL Sees Big Uptick in Recruited Reps

17:40 17 August in In the News by rafferty

August 10, 2016

By Janet Levaux, ThinkAdvisor

 

A large number of advisors moved to the IBD from Cetera Financial, Advisor Group and other broker-dealers.

LPL Financial (LPLA) dramatically increased its recruiting results in the second quarter, attracting 128 affiliated advisors vs. 59 in the first quarter of 2016.

The greatest number of recruited advisors, 48, join LPL with individual or team practices that have $100 million or more of client assets. Forty advisors have made the move with $50 million to $99 million of client assets, while the remaining 40 reps have from $30 million to $49 million.

“We experienced another strong quarter for recruiting,” said Bill Morrissey, head of business development for the independent broker-dealer,

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