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Jon Henschen Tag

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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...

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BD Back-Office Consolidation: Profit Bonanza or Service Boondoggle?

17:45 23 February in Articles Written by Jon Henschen by rafferty

February 22, 2017 By Jon Henschen as published on ThinkAdvisor Even before the Labor Dept. fiduciary rule has been implemented and now likely delayed for 18 months, broker-dealers are making business changes due to lower revenue and higher expenses. One broker-dealer recently laid off employees due to a major slowdown in variable annuity revenue while another BD with a strong focus on alternative investments and REITs announced that 2017 would be break-even after years of consistent profitability; we see many broker-dealers raising costs or adding profit centers to help fill in the void. For multiple broker-dealers operating under a single owner, the temptation to cut costs by consolidating back-office services is nothing new but with the added expenses and revenue decline of DOL rules, consolidation projects appear to be hitting fever pitch (see Fighting the Big Profit Squeeze). Below we...

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Dan Arnold, LPL’s new CEO, to be in the spotlight during earnings call

19:10 09 February in In the News by rafferty

February 8, 2017 By Bruce Kelly, Investment News After a tough first month on the job, Mr. Arnold will need to be in "damage control mode" as he faces analysts and investors for the first time, according to an industry recruiter It's been a tough first month on the job for Dan Arnold as the CEO of LPL Financial. First, two huge groups of brokers controlling billions of dollars in client assets, including star adviser Ron Carson, in January left the firm. Next, Secretary of the Commonwealth of Massachusetts William Galvin, long a thorn in LPL's side, whacked the firm last month with an order to pay up to $3.7 million in restitution and fines to investors as the result of an investigation into sales of unsuitable variable annuities by a former top-producing rep based in Boston. LPL Financial...