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Will Schwab’s New Hybrid Platform Steal Clients From Schwab RIAs?

16:07 20 March in In the News by rafferty

March 14, 2017 By Janet Levaux, ThinkAdvisor    It's possible that the new offering could lure advisor clients away, argues one recruiter, while another disagrees Charles Schwab unveiled its anticipated hybrid advisory service, Schwab Intelligent Advisory, on Tuesday. Investors seeking both human and digital advice can sign up for the service, which charges an annual fee of 0.28% to manage at least $25,000 of assets (including a quarterly maximum fee of $900). For the fee, investors will receive a specific financial plan, ongoing advice and input from veteran planning consultants, as well as an automated portfolio. The rollout comes six weeks after robo-advisor Betterment launched its own hybrid offerings. “Robo-advisors are now upping their game by providing access to financial advisors in addition to their firm’s automated investment offerings. That [hybrid offering] is a potent combination...

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National Holdings Corp. acquires independent broker-dealer WFG Investments

15:53 20 March in In the News by rafferty

March 14, 2017 By Bruce Kelly, Investment News The transaction comes as industry executives and consultants expect more consolidation in the IBD industry   In the midst of a punishing business environment for small and mid-sized broker-dealers, National Holdings Corp. said on Monday it was acquiring select assets of Williams Financial Group of Dallas, including its independent broker-dealer, WFG Investments. Williams Financial Group has approximately 230 financial professionals nationwide with approximately $6.5 billion in client assets under management. Under the terms of the transaction, National will pay $2.3 million in initial consideration at the closing, which is subject to the approval of the Financial Industry Regulatory Authority Inc. There is potential for additional cash and/or stock payments if certain performance targets are met within three years following the deal's closing. Industry executives and consultants widely believe more consolidation is coming to the...

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Who’s Moving to LPL?

00:22 08 March in In the News by rafferty

March 7, 2017 By Janet Levaux, ThinkAdvisor The number of reps joining the firm was way up in the fourth quarter, but new assets are not showing a similar spike As it does each quarter, LPL Financial is providing the names of financial advisors who’ve recently affiliated with the independent broker-dealer. The list includes several large groups of registered reps and the names of individual advisors who have joined from a wide variety of firms. Despite the long list of new FAs, though, the IBD said net new assets coming over from new clients and advisors grew just 2% in the fourth quarter of 2016 from the prior quarter and only 1% from the earlier year. This includes both advisory (fee-based) and brokerage (commission-based); broken out, net new advisory assets expanded 9% from Q3’16...