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MetLife Slashes Annuity Pay to Former Advisors

15:58 17 September in In the News by rafferty

Barron's September 17, 2017 MetLife is taking a hatchet to compensation on annuities sold by former advisors who went to other broker-dealers in the wake of MetLife’s sale of its Premier Client Group to Massachusetts Mutual Life Insurance, InvestmentNews reports. The publication cites a memo LPL Financial sent last week to its advisors who previously worked in MetLife’s Premier Client Group. The memo informs them that asset-based trail compensation rates will shrink to about 27% of current levels, InvestmentNews writes. For example, an advisor receiving a 100 basis-point trailing commission will see it reduced to 27 basis points, or just .27 percent of assets, the publication says. The change kicks in after markets close Friday and will affect five variable annuity contracts and 11 fixed annuity contracts. The memo clearly states that LPL wasn’t involved...

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LPL Offers Retention Deals to NPH Advisors

21:21 13 September in In the News by rafferty

September 13, 2017 By Diana Britton, Michael Thrasher, WealthManagement.com For some loosely affiliated groups, the deals are based on individual advisor, not group, production, an unusual move. LPL Financial has started to offer retention packages to reps at National Planning Holdings, the network of 3,200 advisors the firm purchased from Prudential last month. The firm shared some details about the transition efforts, including the timeline for the tape-to-tape transfer as well as transition assistance. Something unusual about the offers is that for some loosely affiliated groups, transition assistance and payouts are based on individual advisors’ production, not the group’s. So for many advisors who were used to being dealt with as a team by NPH, their payout may be going down. Typically when broker/dealers have acquired other firms, the new owners have kept everything the...

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Tom Bradley’s Sad, but Unsurprising, Exit From TD Ameritrade

19:12 08 September in In the News by rafferty

September 8, 2017 By Janet Levaux, ThinkAdvisor  Industry observers lamented the departure of Tom Bradley, the former head of both RIA and retail operations at TD Ameritrade. Bradley’s time at the brokerage firm ended Thursday, when TD Ameritrade said that, as part of its merger with Scottrade, it was putting Pete deSilva in charge of the combined firm’s retail distribution business. “Talk about a leader. Bradley was one of the good guys. He put his heart and soul into the RIA business” over the past 30 years, said consultant Tim Welsh of Nexus Strategy in an interview. “He championed the RIA cause when no one else was,” Welsh said, “since day one. TD’s RIAs will miss that.” Others agree. “Tom Bradley may have been the single largest, most consistent advocate for RIAs for more than a...