sidebar

Connect: 319-210-7700

Connect: 319-210-7700

archive

broker dealer Tag

ThinkAdvisor logo

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. Much of this is...

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,  which ranks the top broker-dealers by revenue, reps, production and other metrics, as reported by the...

ThinkAdvisor logo

LPL Shares Details on 108 Recruited Reps, Newest Partner & Tech Woes

17:25 23 May in In the News by rafferty

May 22, 2017 By Janet Levaux, ThinkAdvisor   The IBD picked up at least $4.2 billion in assets in Q1'17; earlier this month, its IT network and backup systems went down LPL Financial (LPLA) says it recruited 108 new financial advisors in the first quarter with at least $4.2 billion in assets. The independent broker-dealer also announced plans to give its 14,000-plus affiliated registered representatives access to a variety of Echelon Partners’ consulting services and clarified details on a recent tech outage. Of the 108 reps joining LPL, 50 moved from Cetera Financial Group broker-dealers, including 46 that make up a team previously with Cetera Investment Services. Fourteen left Wells Fargo to go independent, while 10 moved to LPL from MML and seven from Edward Jones. Several reps also went independent from Merrill Lynch, Morgan Stanley...