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IBD LaSalle St. Sells Equity to Affiliated Advisors

15:14 08 March in In the News by rafferty

March 8, 2023 By Diana Britton, WealthManagement.com The privately owned independent broker/dealer sold a “meaningful amount” of equity in the firm to affiliated advisors at the end of January. LaSalle St., a midsize independent broker/dealer with two registered investment advisor platforms, launched an equity ownership program for its affiliated advisors. At the end of January, the privately owned company sold a “meaningful amount” of stock in the firm to a number of its advisors, said Mark Contey, LaSalle's senior vice president and head of business development. “We think the program drives a tremendous amount of value, not only for the firm but for the advisors,” Contey said. “It reaffirms our commitment to our business, and to the industry that we’re not a firm that’s going to consolidate or sell or bring in private equity. We’re committed to...

Cetera Shutters First Allied Registration, Brand

15:02 07 December in In the News by rafferty

December 2, 2022 By Diana Britton, WealthManagement.com Reps for First Allied Securities, the San Diego–based independent broker/dealer that's been in business since 1994, will integrate into sister company Cetera Advisors.   After 28 years in business, First Allied Securities, a San Diego, Calif.–based independent broker/dealer owned by Cetera Financial, has dropped its registration. Parent company Cetera withdrew the firm’s registration from the Financial Industry Regulatory Authority and transitioned its affiliated reps to Cetera Advisors, one of its subsidiaries. A spokesman for Cetera declined to comment on the action. First Allied’s website reads, “First Allied has joined Cetera Advisors as of September 12, 2022. You will be redirected to Cetera Advisors shortly.” Related: Q&A: Adam Antoniades, First Allied Securities Inc. First Allied was founded in 1994 as a private company; Adam Antoniades, current CEO of Cetera, was a co-founder and served as...

Advisor Group Adjusts Rep Fees

14:54 07 December in In the News by rafferty

December 2, 2022 By Diana Britton, WealthManagement.com Advisor Group has been quietly implementing changes to its pricing structure, including a new bundled affiliation fee and annual fee for directly held mutual fund positions. Advisor Group, the network of independent broker/dealers, has been making changes to prices charged to its affiliated advisors, according to a memo obtained by WealthManagement.com. “This year, we are simplifying and bundling our fees and aligning nearly all pricing across the entire Advisor Group network," according to a memo sent to Securities America, an Advisor Group broker/dealer, to its advisors. "We are also eliminating certain regulatory markups that have been charged to you in the past. As your partner, we are committed to ensuring our pricing is fair and competitive in the marketplace. We also continue to leverage our size and scale to invest in your business,...