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Financial Advisor IQ a Financial Times Service

B-D Recruiters Poised to Scoop Up Unhappy FAs in Mega-Merger Fallout

21:55 14 February in In the News by rafferty

January 20, 2020 By Mrinalini Krishna, Financial Advisor IQ Broker-dealer recruiters are getting set for a big year of advisor movement off the back of last year’s mega-mergers. The last quarter of 2019 rounded up with the announcement of two mega-mergers — Charles Schwab’s acquisition of TD Ameritrade and the Ladenburg Thalmann-Advisor Group deal. At that time, many recruiters considered those announcements opportunities for competitors to lure any unhappy advisors left in the wake of those unions. And some broker-dealer recruitment bosses agree. The Ladenburg Thalmann-Advisor Group deal LPL Financial’s managing director and divisional president of business development Rich Steinmeier is confident of the firm’s chances of nabbing independent advisors, especially in the aftermath of the Ladenburg Thalmann and Advisor Group deal. “Traditionally, when you see a firm change hands, there usually is an increased number...

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LPL Financial push for employee model attempt to tap into $11 trillion market

21:05 25 June in In the News by rafferty

June 25, 2019 By Bruce Kelly, Investment News Advisers working for wirehouses and regional firms control vast amounts of assets that LPL would like to bring under its umbrella At a time when broker-dealers are increasingly trying to come up with business models for advisers who want to act as registered investment advisers, recent moves by LPL Financial left some wondering if the firm was taking a step back in time. LPL Financial, the largest broker-dealer with an independent contractor model, raised some eyebrows in May when it said it was adding an employe channel for advisers who want to work directly for the firm. To that end, LPL Financial's parent company, LPL Financial Holdings Inc., last month said it was buying a small employee model broker-dealer in Florida, Allen & Co., with 30 advisers and...

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LPL Cuts ETF Fees for RIAs

21:00 30 May in In the News by rafferty

May 30, 2019 By Janet Levaux, ThinkAdvisor Transaction costs for State Street, Invesco and WisdomTree ETFs will drop to $4.95 in the second half A week after LPL Financial said it would add an employee advisor channel to its operations, the independent broker-dealer said it is cutting the transaction costs of some ETFs on its RIA platforms to $4.95 from $9 later this year. Along with Fidelity and Schwab, TD Ameritrade Institutional gives RIAs and investors access to a large number of commission-free ETFs. In June, the number of TD Ameritrade Institutional’s commission-free ETFs will nearly double, jumping to 569 exchange-traded funds from 314; the funds will come from 21 providers and cover about 90 Morningstar categories. LPL Plans In the second half of 2019, transaction costs for State Street, Invesco and WisdomTree ETFs will drop to $4.95...