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Securities America Tag

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Securities America loses top executive to Carson Group

16:41 23 October in In the News by rafferty

October 22, 2020 By Bruce Kelly, Investment News The departure of Kevin Miller, formerly executive vice president, adds to a growing list of high-level employees to leave the firm in recent months As the Advisor Group network consolidates some of its broker-dealers, Securities America Inc., one of the largest independent-contractor broker-dealers in the industry, is seeing a handful of senior and second-tier employees jump ship. The most senior executive to leave Securities America is Kevin Miller, formerly executive vice president and general counsel. After more than 20 years at Securities America, he is now working at the Carson Group, according to Ron Carson, CEO and founder of the $13 billion network of advisory firms. The exact timing of his departure was not clear. Advisor Group said in May it was shutting down three of the...

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Securities America warns of service slowdown as consolidation begins

19:37 22 July in In the News by rafferty

July 22, 2020 By Bruce Kelly, Investment News Advisers are experiencing "longer than usual wait times," according to a memo Securities America Inc., one of the major broker-dealers in the burgeoning Advisor Group network, on Monday morning warned its advisers of longer than usual times to deal with advisers’ phone calls as it begins a major merger. The notice regarding slowdowns in services comes as the firm is in the process of absorbing 1,200 advisers from Advisor Group’s recent acquisition of Ladenburg Thalmann Financial Services Inc. Snafus in technology or service, irritating and at times infuriating to financial advisers, are common during large broker-dealer mergers. Advisor Group said in May it was going to shut down three of the Ladenburg firms and move those advisers over the summer onto the platform of Securities America, the...

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Some new Advisor Group reps staring at reduced pay grid

19:44 23 June in In the News by rafferty

June 23, 2020 By Bruce Kelly, Investment News Any cuts to payout will be offset by tools and technology, according to the broker-dealer Some reps and advisers who formerly worked at Ladenburg Thalmann broker-dealers are looking at potentially reduced payouts as they make the shift later this year to integration into the Advisor Group network, which in February completed its $1.3 billion acquisition of Ladenburg Thalmann Financial Services Inc. For example, advisers must generate much more revenue at Securities America Inc. — $750,000 — to see a payout of 95% of each dollar in sales he or she generates, according to industry executives. Payout at Securities America falls to 92% of sales below that amount. That means advisers at Securities Service Network, known as SSN and one of the broker-dealers scheduled to be merged into...