Waddell & Reed Tag

What the Broker-Dealer Industry Looks Like Now, in 5 Charts

13:24 08 May in In the News by rafferty

May 5, 2023 By Melanie Waddlell, ThinkAdvisor The Financial Industry Regulatory Authority has released its 2023 Industry Snapshot, the annual statistical report on the brokerage firms, registered representatives and market activity that FINRA oversees. For the first time in years, the number of registered reps increased, and the number of people entering the industry was greater than the number leaving. “The 2023 Snapshot maintains FINRA’s commitment to providing a data-driven view into the securities industry and its activities through the lens of regulatory reporting. We continue to add new data categories to the Industry Snapshot, increasing the transparency of and visibility into an evolving securities industry,” said FINRA Chief Economist and Executive Vice President Jonathan Sokobin in a statement. This year’s edition adds new data about options trading activity, and certain demographic changes of FINRA-registered reps. The 2023 Industry Snapshot incorporates...

Advisor Group Says It’s Considering New Name

14:14 12 April in In the News by rafferty

April 7, 2023 By Jeff Berman, ThinkAdvisor What You Need to Know The group of eight firms is said to be weighing its options ahead of a possible IPO. Advisor Group managers have discussed merging BDs, recruiter Jon Henschen says. The firm could also become self-clearing before going public, he says.   Advisor Group says it’s still considering a consolidation to bring its affiliated brokers closer together. One way to help achieve that could be a rebranding initiative. “While nothing has been finalized, we’ve made no secret of exploring” a consolidation that would bring its eight firms closer together, a company spokesman told ThinkAdvisor in an email late Thursday. Advisor Group includes eight broker-dealers: American Portfolios, FSC Securities Corp., Infinex Financial Group, Royal Alliance, SagePoint Financial, Securities America, Triad Advisors and Woodbury Financial. “As we noted publicly...

Cetera Keeps First Allied Brand After BD Closure

15:56 07 December in In the News by rafferty

December 6, 2022 By Janet Levaux, ThinkAdvisor Cetera CEO Adam Antoniades says the firm is consolidating some broker-dealers but is not eliminating brands like First Allied Securities and Summit Financial. “First Allied remains a community” within Cetera Advisors, though “it is no longer a separate legal entity,” Antoniades said in an interview with ThinkAdvisor. “Both brands still exist.” The FINRA BD designation for First Allied, which Antoniades co-founded in 1994, expired in mid-September. “It did not make sense to keep [it and Cetera Advisors] as two legal entities,” he added. “Cetera has a number of brands and communities, and includes a registered broker-dealer and an RIA,” the CEO explained. “We are an at-scale wealth hub accommodating choice and flexibility of affiliation for any type of advisor.” The official language for affiliation with the Summit brand, for instance, refers...