Home of the Registered Investment Advisor
By Bruce Kelly
Source: Investment News
Mark Casady, chief executive of LPL Investment Holdings Inc., is upbeat about LPL Financial LLC’s prospects for recruiting big-time brokers, particularly in the wake of recent and pending acquisitions for wealth management firms that offer specialized services to representatives and financial advisers. “The work we’re doing to enhance our platform and to provide new services is definitely leading to more business coming to us,” he said recently.
By Jerry Gleeson
Source: Registered Rep
The partners at Merrill Lynch’s Beirne Wealth Management Group had talked off and on over the years about leaving the wirehouse, John Beirne Jr. told Gleeson (the author), but it took a new sales policy from the company headquarters last April to push the practice out the door. The practice had developed a specialty working with public pension funds; but in April, Merrill told its advisors that they couldn’t solicit new public pension plan accounts.
By Jane Wollman Rusoff
Source: AdvisorOne (Research magazine)
The career kick-offs of two successful wirehouse advisors were as different as the countries where they were born. Amit Stavinsky started as a lieutenant in the Israeli Air Force. Francis Hoey, from Pennsylvania, was a college track star who, after graduation, traded commodities in Philadelphia. But in 2010 both FAs celebrated an identical career milestone: Each had taken the momentous step to become a registered investment advisor.
Source: Financial Advisor
The majority of financial advisors who make the switch to become independent say they’re satisfied in making the move, according to the Fidelity Insights on Independence Study, a report released by Boston-based Fidelity Investments today. Three out of four financial advisors who moved to an independent business model report they’re now better off financially.
By Larry Barrett
Source: On Wall Street
Financial planning, when it’s done right, requires a lot of different skill sets. So what exactly are firms looking for when it’s time to bring someone new aboard? Rather than rely on some think tank or consulting firm, Financial Planning queried principals at more than 50 advisory firms to find out from the people who actually make the personnel decisions what qualities they value the most.
By Janet Levaux
Source: AdvisorOne
Experts generally praised the retention packages that Raymond James was offering eligible Morgan Keegan advisors as part of the purchase, noting that it should motivate more advisors to stay and shouldn’t prove too costly. Raymond James said Thursday that it gave seven-year award offers to those with $300,000 or more in yearly fees and commissions – a figure that is lower than the industry norm.
By Lisa Shidler
Source: RIABiz
Wirehouses seeking to stem the tide of breakaway brokers will emerge with their own independent models to retain advisors this year, according to an industry report, which makes a number of bold predictions about the RIA arena. The report from Tiburon Strategic Advisors predicts that wirehouses, worried about losing advisors, will fight back and open “halfway houses” where advisors can gain quasi-independence.
By Dan Jamieson
Source: Investment News
More brokers should shift to the independent RIA channel this year as markets stabilize and retention deals wind down. In addition, a report from Cerulli Associates Inc. predicts that the wirehouses’ market share of assets will drop from an estimated 43% last year to 35% in 2013.
By Anne Field
Source: Registered Rep
A few years ago, Michael Hardy, an advisor in Buffalo, N.Y., fell in love. Only trouble was, the woman in question lived in New York City — and together they decided he should move down there, too. But what about his practice? Hardy would move down to the Big Apple, but continue serving his clients up in Buffalo, doing his best to build relationships in his new home base.
By Steve Garmhausen
Source: RIABiz
The advisors in RIABiz Spotlights typically feature baby boomers with mature, successful and growing practices. So why are we spotlighting 30-year-old Blair Hodgson and her very modest practice just outside of New Orleans? Because Hodgson just might represent the next generation of advisors.
