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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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ThinkAdvisor

How DOL Is Changing Sign-On Bonuses and Other Indie BD Procedures

15:29 16 June in Articles Written by Jon Henschen by rafferty

June 13, 2017

By Jon Henschen, as published on ThinkAdvisor

A profitability shell game is going on, as profit centers such as ticket charge markups are sacrificed while advisory administration fees increase

The wirehouse channel is cutting back dramatically on upfront money offered to join their broker dealer. Also of note is the recent case of Merrill Lynch, which is trying to grow without offering traditional sign-on bonuses.

Both trends are a result of DOL rules, and DOL rules are having an impact on the independent broker-dealer channel, but not in ways you may think.

Of the 3,902 FINRA member firms (as tracked by Fishbowl Strategies in late February), approximately 25% offer some form of forgivable note (or sign-on bonus) to aid in the expenses and disruption of a broker dealer switch.

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financial advisors

Destination Unknown: The 2017 Broker-Dealer Presidents Poll

20:02 05 June in In the News by rafferty

May 29, 2017

By Janet Levaux and Liana Roberts, June issue of Investment Advisor Magazine and ThinkAdvisor

Despite the complexity and ambiguity of Labor’s fiduciary rule, broker-dealer leaders remain cautiously upbeat

Even with the tremendous level of complexity and ambiguity tied to the Department of Labor’s fiduciary rule, broker-dealer leaders remain cautiously upbeat about the business model and its future. Our yearly survey of independent broker-dealer presidents shows the industry is at a crossroads. Regardless of what happens ultimately with the DOL’s delayed fiduciary rule, most BDs are moving to comply with it. As one executive said, “Even if it never gets implemented, it has changed the industry forever.”

(Click here to see the full 2017 Reference Guide,  

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