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H.D. Vest Drops First Clearing for Fidelity

21:28 16 August in In the News by rafferty

August 16, 2017 By Diana Britton, WealthManagement.com The independent b/d's 4,400 advisors are expected to make the transition to Fidelity's clearing platform in mid-2018. Tax-centric independent broker/dealer H.D. Vest Financial Services is switching its clearing firm from First Clearing, a division of Wells Fargo, to Fidelity Clearing & Custody Solutions (FCCS), according to a spokesperson for the b/d. The firm is expected to make the transition in mid-2018. An H.D. Vest spokesperson said the firm did a thorough analysis of its clearing, considering technology platform, service and relationship management, governance, analytics and culture. “H.D. Vest and Fidelity share a common philosophy—that creating an exceptional client experience should be at the core of every business decision,” the spokesperson said in a statement. “HD Vest was looking for the clearing provider with the service and technology that...

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Is LPL’s Purchase of NPH Savvy or Reckless?

21:05 16 August in In the News by rafferty

August 16, 2017 By Janet Levaux, ThinkAdvisor Analysts and executives discuss the pros and cons of the IBD's $325 million purchase LPL Financial announced the much-anticipated purchase of National Planning Holdings, an affiliate of Jackson National Life, and its four broker-dealers late Tuesday. Early Wednesday, CEO and President Dan Arnold and CFO Matt Audette spoke with equity analysts about the news and highlighted details of what could be a profitable but also highly complex merger. Here are some of the issues raised during the discussion, with input from some analysts on the call and insights from outside industry sources, pointing to potential benefits and pitfalls of the transaction. The Price Tag At $325 million initially and with a possible contingency payment of up to $123 million, Arnold says the independent broker-dealer is paying “a price that is...

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Will LPL’s New NPH Reps Stay or Go?

16:29 16 August in In the News by rafferty

August 15, 2017 By Janet Levaux, ThinkAdvisor   LPL Financial said Tuesday that it bought National Planning Holdings’ four broker-dealers — National Planning Corp., Invest Financial, Investment Centers of America and SII Investments — for $325 million. The independent broker-dealer aims to pick up about 3,200 advisors with $120 billion of client assets—putting the combined group at 17,500 and $660 billion in assets. LPL says it will pay up to $123 million more in the first half of 2018 if 72% of NPH advisors’ production (fees & commissions revenue) joins the company. It’s worth noting, that LPL reserves the right to “not transfer a small subset of representatives who do not meet certain affiliation criteria,” according to a memo sent to NPH advisors and obtained by ThinkAdvisor. Plus, LPL says the NPC and ICA reps will...