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Cetera to retain about 25 advisors, $1B in client assets from departing OSJ

17:27 02 November in In the News by rafferty

November 1, 2018 By Tobias Salinger, Financial Planning Cetera Financial Group will retain about a quarter of the advisors and production of a major office of supervisory jurisdiction decamping to rival LPL Financial. Regional director Cheryl Kunstle of Cetera Advisor Networks expects to keep 25 to 30 advisors with $1 billion in client assets and $5 million to $6 million in production out of the Exemplar Financial Network, Kunstle says. Most advisors opting to join LPL will have left by the end of the year, according to Kunstle. The move by the Chicago-area OSJ, which has nearly $4 billion in client assets and about 110 producing advisors, followed at least six other new ex-Cetera teams LPL has announced in a series of press releases since late August. The No. 1 IBD added a net...

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LPL Drops Asset Minimum for New Reps, But …

16:49 25 October in In the News by rafferty

October 23, 2018 By Janet Levaux, ThinkAdvisor   As it prepares to announce its third-quarter earnings results, LPL Financial has removed a hurdle for advisors seeking to join a hybrid registered investment advisory group. On Monday,  national sales and consulting Managing Director Andy Kalbaugh said the firm is dropping the $50 million advisory assets requirement for new or existing advisors joining a hybrid RIA practice. Advisors looking to be part of a hybrid RIA with LPL and bringing less than $25 million in advisory assets to its platform, though, will be charged up to 5 basis points. When advisors grow to have  $25 million or more in LPL-custodied advisory AUM, the fee will be eliminated, according to Kalbaugh. The firm, though, appears to be keeping in place a fee for assets custodied outside the firm. LPL CEO...

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LPL video about private equity looks like a swipe at Cetera

18:59 22 September in In the News by rafferty

September 21, 2018 By Bruce Kelly, Investment News Recruiting video warns about potential consequences for advisers when a PE firm buys a broker-dealer LPL Financial appears to be dissing its rivals, including Cetera Financial Group, in a video that is making the rounds of social media sites such as LinkedIn with the title, "How Financial Advisers Can Be Impacted by Private Equity Ownership." LPL, which formerly was owned by private-equity firms, is now oddly warning of the dire consequences for financial advisers if their broker-dealer is bought by such investors. The timing of LPL's video, which is almost four minutes long and makes no direct mention of Cetera or other firms, is curious. While private-equity manager have bought a variety of broker-dealer over the years, Cetera Financial Group, a network of six independent broker-dealers with about...