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LPL’s Top Ranks Are a ‘Revolving Door,’ Recruiter Says

15:49 27 June in In the News by rafferty

June 27, 2018 By Janet Levaux, ThinkAdvisor Industry watchers weigh in on what Bill Morrissey's departure says about the IBD and its challenges. Monday’s news that longtime LPL Financial executive Bill Morrissey is retiring has prompted several veteran industry watchers to express concern about management stability and other issues at the independent broker-dealers. “LPL’s executive ranks have been a revolving door since CEO Mark Casady left” in early 2017, said Tim Welsh, head of the consulting group Nexus Strategy and a former executive at Charles Schwab. Morrissey had been with the independent broker-dealer since 2004, leading its business-development efforts since 2006. According to the IBD, he is retiring “to spend more time with his young family.” Other recent exits include Michael Murray, who was LPL’s national sales manager for the West since 2002. He left the...

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LPL’s Blockchain Portfolio: Forward Thinking or Foolish?

16:19 19 June in In the News by rafferty

June 18, 2018 By Janet Levaux, ThinkAdvisor The independent broker-dealer's move is being hotly debated by industry players and observers. LPL Financial moved Friday to be the first independent broker-dealer to offer a blockchain portfolio. But is such a step the right way to go? Blockchain is a digital ledger system that can be used to record transactions in cryptocurrencies like Bitcoin or Ether. The technology has other potential uses, like records management or smart contracts. Holdings in the portfolio include SAP, IBM, Microsoft, UPS and Aetna. LPL’s separately managed account offering is a “new strategy [that] can further help our advisors differentiate their practices in the marketplace,” said Chief Investment Officer Burt White, in a statement. The IBD’s announcement came one day after a top Securities and Exchange Commission official said that the cryptocurrency Ether...

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Bill Hamm taps Pershing, lays groundwork for new IBD after LPL exit

17:00 20 May in In the News by rafferty

May 17, 2018 By Tobias Salinger, Financial Planning Just one month after saying it would leave LPL Financial, Bill Hamm’s Independent Financial Partners has taken a major step in laying the groundwork for its new independent broker-dealer by selecting Pershing as its primary custodian. The hybrid RIA and office of supervisory jurisdiction will launch its new IBD in the first or second quarter of 2019, Hamm said in an interview. With 530 advisors and $10 billion in assets under management, the new IBD will offer expanded choices, lower prices and better technology, Hamm added. Hamm’s April announcement that IFP would split from the nation’s largest independent broker-dealer marked the largest exit from LPL since Ron Carson’s firm left for Cetera Financial Group in early 2017. It also represented the largest practice to leave LPL...