In a deal that could almost double its total revenue, J.W. Cole Financial, a Tampa, Fla., independent broker-dealer, announced Wednesday that it completed its acquisition of Financial Advisers of America.
The damage from Massachusetts latest action against sales of non-traded REITS by independent broker-dealers may not be fatal, but it should cause firms to reconsider their sales strategies, say industry observers.
The firm completed a round of financing and added two new directors to focus on recruitment.
The Securities America move underscored the intensity with which advisory firms are competing for talent, executive search experts said.
Independent broker-dealers and RIAs have the edge over wirehouses when it comes to adding mutual fund assets under management, according to Access Data and Strategic Insight.
LPL Financial added Ingham Retirement Group to its broker-dealer and RIA custodial platforms.
Dynasty Financial Partners is crossing the border and headed north.
The practices, in Mercer Island, Wash., and Lynnwood, Wash., have a combined $549 million in assets under management.
For the first time in the fast-growing companys history, LPL has posted nearly $1 billion dollars in net quarterly revenue.
Revenue and assets increased year-over-year as the firm began to streamline operations after the Morgan Keegan integration in February.
The president of Ameriprise Financials Personal Advisor Group lays out his firms plan to attract and retain advisors.
In 2011, 44% of brokers who left wirehouses landed at independent firms, but every broker has an array of options when it comes to independence.
Previewing an address Thursday that he's set to deliver to the 1,600 advisors attending the firm's annual conference, CEO Paul Reilly said that Raymond James Financial will continue to have a big focus on technology and training going forward. He also discusses how acquisition may (or may not) factor into the company's agenda.
Succession planning, regulatory and technological issues will be the main focus for Raymond James Financial Services over the next year, according to Scott Curtis, the firm's president.
Hundreds of employees of the countrys fourth-largest independent broker-dealer were directed to head to the firms emergency backup office outside of Boston Friday morning as law enforcement officials announced a citywide lockdown.
IronGate, the largest independent wealth advisory firms in Wilmington N.C., opened its doors in 2005, and has a team of 14 advisors managing $200 million in assets.
Joe Duran wants United Capital to get Venti by tactically training advisors so the experience a client receives at a United Capital office in Cleveland is the same as the experience they'd receive in New Jersey. In the second of a two-part interview, Duran explains how this can work in an advisory industry that prides itself on unique approaches. Check out Part One, UUnited Capitals Aggressive Growth Plan
An enforcement action from the Securities & Exchange Commission is a timely reminder to advisors to disclose any financial benefits their firm may receive from the broker-dealer it recommends to clients.
The new AIG Advisor Group system will allow its advisors clients to select a trusted family member or friend to help them make smarter financial decisions, explains Larry Roth, president and CEO of AIGs Advisor Group, one of the largest networks of independent broker-dealers in the country.
Joe Duran explains how United Capital plans to develop scale and increase its advisor count aggressively in 2013. Check out Part Two, United Capital's 'Starbucks Strategy'
Envestnet announced Friday it has entered into a definitive agreement to buy the wealth management solutions arm of Prudential Investments in an effort to increase scale.
Licensed branch employees represent a significant opportunity that many banks have not tapped to its full potential, according to LPL's Rob Comfort.
Royal Alliance is adding wealth management firm JLTD Advisors of Chicago and Integrated Financial Group of Salt Lake City to its hybrid platform.
Company employees will head into the field next week to woo about 850 advisors from two broker-dealers that Cetera intends to acquire from insurer MetLife, says Cetera Financial Group CEO Valerie Brown.
LPL Financial announced Tuesday that Ryan C. Parker has joined the firm as executive vice president of investment and planning solutions.
The countrys largest RIA aggregator, Focus Financial, is hiring away an architect of one of the industrys most successful breakaway stories.
Cetera Financial Group is growing again.
The broker-dealer network has signed a definitive agreement to acquire Tower Square Securities and Walnut Street Securities from MetLife.
Baldwin Brothers, a Massachusetts-based wealth management firm and family office with $1 billion AUM, launches sustainable wealth management platform, Arjuna Capital.
Dynasty Financial Partners, the fast-growing outsourcing provider for high-end wealth managers and breakaway brokers, is expanding its reach in the Midwest.
What do former president George W. Bush, country songwriter Pat Green, four days of advisor-focused panels, and a dance party have in common? They are all aspects of Raymond James' 2013 national conference.
Aquiline Capital Partners and Genstar Capital, two private equity firms, are set to Acquire Genworth Wealth Management for $412.5 million.
Barnaby Grist, Ceteras executive vice president of wealth management and a high-profile hire from Charles Schwab in 2010, is stepping down to care for his parents in England and his wifes parents on the East Coast, says a spokeswoman for the broker-dealer network.
Dallas should be a dream market for independent advisors. But unlike the San Francisco, it has not been as hospitable to independent wealth management firms.
Waddell & Reed has hired five new advisors, adding about 1,000 new household clients to the firm.
Fast-growing JHS Capital Advisors has opened a new office in Baton Rouge, La. -- the companys first in that state.
The firm has won over a $300 million team from UBS and its 10th recruit so far this year.
Despite a rally in the equity markets, February proved to be a lackluster month for Raymond James Financial.
Headhunters say they believe the new plan, which will allow dually registered financial advisors with at least $100 million in discretionary client assets under management to retain 100% of their advisory fees, will help Raymond James retain and attract top hybrid advisors.
If approved by stockholders in LPLs annual meeting in May, Mulcahy will also serve on the Boards Audit Committee.
Raymond James is going after more top advisors -- and it's changing its payout structure to do so.
Mike Papedis of HighTower advisors says there is a trend toward independence among advisors and it will continue.
HighTower Advisors' Mike Papedis talks about why adivsors leave the wirehouse and what they they look for when going independent.
Mike Papedis of HighTower Advisors talks about some of the hurdles wirehouse advisors face when making the move to independence.
Total stock and bond mutual fund and ETF assets distributed by independent/regional broker-dealers and registered investment advisors grew at more than twice the rate compared to the wirehouse channel during 2012, according to newly released data from Access Data.
LPLs highly publicized outsourcing effort will cost the company between $70 million and $75 million over the next three years, but will result in annualized operational savings of $30 million to $35 million beginning in 2015, according to Dan Arnold, its chief financial officer.
LPL is launching a new online tool that it says will let its advisors offer offer better visibility to plan sponsors and the millions of LPL clients who are invested in 401(k)s.
Im all of 52 years old. I have a baby face. I have four children. I plan to be working for a long time, Casady said.
LPL is making big changes among its top executives.
Bill Dwyer, a 20-year LPL veteran and its president of national sales, is retiring from the independent broker-dealer, according to sources familiar with the situation.
Dynasty Financial announced Monday that Octagon Financial Services, a McLean, Va., registered investment advisor that specializes in working with professional athletes, is now using Dynasty's open-architecture wealth management services and technology platform.
The firm has added a team with $650 million in assets to build a presence in the City of Brotherly Love.
The company announces modest revenue growth and a move to start outsourcing "non-advisor-facing" jobs.
Classic investment style boxes are out and themes are in, Burt White, LPL Financials managing director of research, told advisors.
The new top executive at Cetera Advisor Networks said he plans to emphasize growth in 2013.
Cetera Advisor Networks has added a new four-person advisor team to its Virginia region.
WealthEngine has introduced a platform that helps advisory firms locate and profile high-net-worth individuals.
LPL Financial is pushing to expand services for high-net-worth clients. In the company's most recent move, its wholly owned Private Trust Co. subsidiary has announced strategic plans to build on its rapid growth of 25% over the last three years.
This year, Duran said the company plans to aggressively expand its business model, and its brand -- aiming to look more like Starbucks and less like rivals HighTower and Dynasty Financial.
The collective voice of independent financial advisors just got a little bit louder.
Two former wirehouse advisors have gone independent in Baltimore and Bethesda, Maryland.
Securities America has completed its second broker-dealer transition in the past 30 days and added 30 advisors in Washington, Iowa.
Focus Financial has snapped up a big Seattle wealth management firm.
Raymond James Financial Services, the companys independent broker-dealer, announced Monday it has added a mother-daughter team in Bethesda, Md., with $200 million in assets.
This year was a slower year than many expected, in terms of financial advisors departing major firms for other pastures, according to Chip Roame, the managing partner at Tiburon Strategic Advisors. I believe 2013 may be slower, too, he says.
Celebrating its two-year anniversary with an announcement of its 11-figure status, New York-based Dynasty Financial Partners aims to separate itself from the myriad of firms offering services to registered investment advisors.
Grabbing a top executive from one of the world's premier technology companies, LPL Financial has nabbed a top technology officer from Dell Inc. to help lead the independent broker-dealer's technology effort.
A little more than a year after launching Retirement Ready, a retirement income program for its advisors, John Hancock Financial Network today announced the launch of a new iPad application and updates to the program.
Beverly Hills Financial Planners, Informative Financial Services, and Ranker-Hanshaw Wealth Management are the newest firms to join Royal Alliance, which has nearly 2,000 affiliated independent financial advisors.
Determined to keep its 48-year-old firms small, hometown feel, Investors Security of Suffolk, Va., has decided to drop its own broker-dealer and affiliate with Securities America.
LPL Financial, the nations largest independent broker-dealer, announced Monday that Legacy Financial Planning has transitioned to its broker-dealer platform.
Raymond James has lured an LPL team of financial advisors in Towson, Md., that will operate under its independent broker-dealer.
The New York City based wealth advisory firm appointed Lyle LaMothe as Non-Executive Chairman of the board and Greg Franks as a managing partner and president. Chris Lappas joined the firm as the chief operating officer.
Woodbury Financial brings approximately 1,400 advisors and $25 billion in assets under management to the groups network, which includes FSC Securities Corp., Royal Alliance Associates and SagePoint Financial.
What we ... know is that there are a lot of advisors who think their entire value is wrapped around theyre delivering advice to clients and telling them how its going to work out,," Joe Duran, the CEO of United Capital said. "But the reality is that we dont believe thats the future."
More than seven in 10 advisors believe a deal will be reached that includes both higher marginal tax rates for wealthy Americans as well as curbs on deductions.
To help its advisors grow their businesses, Cetera Financial Group is bringing on a fleet of new advisory and product sales consultants. The added manpower is intended to give each consultant and sales manager more time to provide in-person and virtual support to advisors as the firm re-engineers its advisor support regions, according to Cetera.
To streamline document processing, LPL Financial has introduced DocuSigns eSignature solution for all of its advisors.
National Advisors Trust has launched an upgraded version of AdvisorDesk, the firms proprietary multi-custodian technology platform.
J.W. Cole Financial, a Tampa, Fla., based independent broker-dealer, announced Monday that it plans to acquire Financial Advisers of America.
Securities America announced Thursday that managing partner of Kelley & Mullis Wealth Management, Michael Mullis, has become a registered representative with the independent broker-dealer firm.
Lisle Savings Bank, with over $516 million in assets, joins more than 150 other banks and credit unions, and more than 1,100 representatives nationwide also supported by Invest, a subsidiary of the independent broker-dealer network National Planning Holdings.
Sovereign Investment Group, a Texas independent wealth management firm, announced Wednesday it hired Michael Koletar as a senior vice president of investments for its wealth management team.
Level Four Group, a Plano, Texas, based advisory firm with close to $1 billion in assets under management has moved from Lincoln Financial to LPL in a bid to grow by using the LPL platform and name to increase its stable of advisors.
The organization will becgin a national search for the next CEO/executive director spearheaded by a search committee that was formed after receiving Turfs letter in early October.
LPL Financial has added well-known wealth management firm MACRO Consulting of Parisippany, N.J., with $650 million in AUM and five advisors, who left independent broker dealer SII Investments for its larger rival.
Evercore Partners Inc., the advisory firm founded by Roger Altman, agreed to purchase Mt. Eden Investment Advisors LLC, a San Francisco-based wealth manager with $645 million in client assets.
Legacy Wealth Planning announced Wednesday that it hired Mark Elston and his team of financial advisors.
The firm hit $19.9 billion in AUM in the third quarter of 2012, an 18% jump from $16.8 billion in the third quarter last year. Most of the increase came from new client inflows.
Advisors have been told that its the name of the firm on the business card thats important to clients, he said, so their clients wont follow them if they go independent. We have found that its the advisor-client relationship thats important, not necessarily the name of the firm.
Approximately 300 advisors affiliated with independent broker-dealer Symetra Investment Services, based in Bellevue, Wash., now have access to a Envestnet's online tools, including aggregated reporting capabilities.
First Republic will integrate Luminous Capital Holdings into First Republic Investment Management.
TD Ameritrade Institutional drew a record 441 breakaway brokers to its platform for independent registered investment advisors in fiscal 2012, a 27% increase from a year earlier.
Among the big deals this week: First Allied buys Legend from Waddell & Reed to form a firm with $28 billion under management.
Largest independent broker-dealer increases assets under management and adds advisors, but revenues don't keep pace.
Brown Advisory, a Baltimore-based independent investment management firm, hired Christopher Bartlett as a partner in its Baltimore office.
Almost one in two consumers (47%) say they keep the majority of their assets with banks, up from 44% in 2011. Self-directed firms and full-service brokers, in contrast, had only 28% and 15% of the market, respectively.
The hybrid RIA firm says it chose LPL after a 'Bachelor'-style bakeoff.
A team of six financial advisors have left Prudential to form Capstone Affluent Strategies, an independent wealth manager that has partnered with LPL Financial.
Risk Paradigm Group, an independent wealth and asset management firm, announced Monday that a three-person advisor team from Morgan Stanley Wealth Management will join the firm.
Capital Guardian LLC, a Charlotte, N.C., based boutique wealth manager, announced Tuesday it added a former LPL Financial team to its independent channel.
The SunTrust affiliate names a firm veteran, Thomas M. Carroll, as the new chief.
Focus Financial Partners, LLC, the nations largest partnership of independent wealth management firms announced the acquisition of Vestor Capital Partners, LLC.
Commonwealth Financial Network, the nations largest privately held independent broker-dealer, added Schluchter Investment Advisors, which manages more than $300 million in client assets.
Michael James, a former wealth strategist in Goldman Sachs' mid-Atlantic region, has joined the Philadelphia office of Glenmede, an independent investment and wealth management firm, as director of family wealth advisory.
In a new strategic direction, Washington Wealth Management, a two-year old firm that has been growing on a tear by luring advisors from wirehouses, has joined LPL, bringing $750 million in assets under management to the country's largest independent broker-dealer.
Stanzak, the principal and owner of Financial Empowerment, in Bloomington, Minn., will begin her term on Jan. 1, 2014, when she succeeds Michael Branham, FPA's 2013 president.
LPL Financial announced Tuesday it has expanded its Model Wealth Portfolios platform through the addition of two new portfolios from LPL Financial Research and two managed alternative investment portfolios from Fortigent.
Last month fewer broker-dealers closed their doors and fewer new ones opened them - a drop in overall activity that appears to be the product of three factors, according to David Alsup, director of business development for The Compliance Department, a consulting firm that regularly tallies these numbers.
After the shock of 2008, investors had a generally sunny outlook: they were satisfied with their portfolios and their advisors and the firms that employed them. But that is no longer the case.
Fieldpoint Private, a Greenwich, Conn., based wealth advisory and private banking firm, announced that Susan Hirshman has joined the firm as a managing director and senior adviser.
"We provide all the tools a broker needs to thrive," said Russell Gebhard, president of Sovereign Investment Group in Houston."If the advisor is successful, it's more than likely the clients will be, too."
CFO4LIFE, a Coppell, Texax, financial planning firm with more than $450 million in assets, announced Thursday it is departing from LPL Financial to become an RIA.
In an effort to bolster its recruiting with financial institution, Securities America announced Thursday it has hired William J. Lavender as regional director of financial institutions.
FSC Securities Corp., an Atlanta-based broker-dealer, announced that Eric Burton and Ron Whittingham and their practice, Megent Financial, have joined FSC from LPL Financial.
Delaware Valley, which is based in King of Prussia, Pa., has 24 advisors and $500 million in client assets under management.
Radnor Capital Management LLC of Wayne, Pa., has relaunched as an independent investment advisory firm using Dynasty Financial's open-architecture platform of wealth management services and technology.
The three practices, which have a combined $673 million in assets under management, are now among the more than 540 practices nationally with the independent brokerage arm of Wells Fargo & Co.
Tampa-based JHS Capital Advisors has announced three new hires. Katie White comes from Wells Fargo, Tim Forsman from Sterne Agee, and Matthew Lovett from World Equity Group.
J. Kevin Stophel has moved on after 13 years with the firm to establish an independent wealth practice partnered with Concert Advisor Services and Concert Wealth Management Inc.
Lawson/Wincester Wealth Management is an independent firm in Chattanooga, Tenn., led by Matt Lawson and William F. Winchester, The team also is acquiring the existing practice of Raymond James Financial Services advisor John Goodson in Wincester, Tenn.
To attract more independent advisors, HighTower has introduced two new options, the HighTower Network and the HighTower Alliance. Elliott Weissbluth, the company's CEO, said by adding these channels, HighTower will be able to attract advisors who prefer to continue to own their own practices rather than joining a partnership.
Independent planning firm RMR Wealth Builders of Teaneck, N.J., has left its long-time independent broker-dealer, the Cetera company, for Innovation Equity Partners Financial in Tampa, Fla.
With 478 advisors in 40 states, Independent Financial Partners is LPL's largest branch, but the Tampa, Fla., based firm certainly won't rest on those laurels. Currently, less than a dozen IFP advisors are fee-only, according to William Hamm Jr., the company's CEO, but that is about to change.
In a nod to the competitive pricing pressure roiling the financial services industry, Advisor Group, one of the largest independent broker-dealer networks in the nation, has eliminated, or drastically reduced, the mutual fund fees it was charging to clients of its financial advisors.
In an effort to leverage its increasing scale while maintaining the independence of each of its four B-Ds, Cetera Financial Group is rebranding each of those companies with new names that all begin with Cetera.
Lauren Locker was elected national chairwoman less than two weeks after its incoming chairman, Ron Rhoades announced he would not assume the organization's helm because of a compliance violation by his firm.
John Cartolano and his Scottsdale, Ariz., based team at NetVest Financial have joined Ameriprise from LPL, bringing with them $200 million in assets under management.
Ryan Kaufman decided to leave Woodbury, where he has worked since 2009, after the company announced in July that it would be acquired by American International Group. "Given my personal experiences and past dealings with the potential new purchaser, I thought it would be hard for me to go back to my clients and explain that we were re-affiliating with the parent company," he said.
A new online company, FutureAdvisor, aims to break open the market for sophisticated financial advice and make that service available not only to the wealthy, but to all investors.
Launched in 2010, the Seattle-based startup says it already analyzes $4 billion in assets for its users and, today, it announced $5 million in new venture capital funding.
LPL is determined to help advisors up their games in order to be able to serve clients who are generating new wealth or coming into possession of it.
A review of auditors that examine broker-dealers has unearthed an array of deficiencies in the process the firms use to evaluate their clients, including numerous of infractions that could amount to violations of SEC or FINRA rules.
Advisor-owned financial services firm HighTower has snapped up a Credit Suisse advisor team with about $1 billion in assets under management, marking the eighth team to move to the firm this year.
More than three in four advisors expect to continue selling variable annuities and allocate 11% of their assets under management toward these products, according to Cogent Research.
A new survey of broker-dealers highlights the extent to which their firms rely on back-office technology to manage and improve advisor relationships, while at the same time revealing broad dissatisfaction with the solutions that firms have currently deployed.
Birmingham, Ala.-based advisor group Bridgeworth Financial, with nearly $1 billion in AUM, has left Lincoln Financial to join the country's largest independent B-D, LPL Financial, in a move that demonstrates the benefits of scale.
FINRA levied almost $40 million in fines in the first half of the year and will likely doll out as much or more through the end of the year.
Advisors are disturbed by industry trends forcing them to put product and revenue in front of client needs. Frank McPartland, the COO of JHS Capital Advisors, says advisors want to do what is right for their clients, but are finding it tough to find the right environment to live that mantra.
LPL Financial has announced an affiliation with Advantage Financial Group that will bring client assets of about $2 billion to LPL.
In the ongoing consolidation of the independent B-D space, insurer AIG's acquisition of Woodbury Financial Services brings the smaller firm in from the cold where it has become increasingly challenging to survive without a larger parent company.
American International Group will acquire the independent broker-dealer from the Hartford Financial Services Group.
LPL Financial reported second quarter net income of $39.5 million, down $6 million compared to $45.5 million in the same quarter of 2011. Net revenues for the second quarter of 2012 increased 1.5% to $907 million, from $894.0 million in the prior year period.
Two financial advisors, Matt Browning and Monica Bacon-Proctor, have been added to independent broker-dealer Securities Americas base of registered representatives.
As part of the service, SumRidge will offer RIAs and broker-dealers daily, weekly and monthly trading desk commentary in the fixed-income markets.