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Author: rafferty

If Finra eases firm oversight of outside business activities, broker-dealers could lose revenue

21:23 16 February in In the News

February 15, 2018

 By Mark Schoeff Jr. Investment News

A pending Finra proposal to ease the requirement that brokerages supervise their representatives’ work with unaffiliated registered investment advisers sounds like regulatory relief. But some brokerages are worried about the price for losing oversight of outside business activities.

Monitoring an unrelated third-party adviser can be a hassle, but it also means broker-dealers can take a cut of their affiliates’ RIA revenue, usually about 5%.

The Financial Industry Regulatory Authority Inc. board advanced the proposal at its December meeting, but the agency has not yet released a rule proposal. Depending how it’s written, obviating the need to supervise RIA work also eliminates the need to charge for that service.

As more hybrid advisers shift from commission-based revenue to fee-based revenue,


Advisors, Be Afraid: Robots May Be Coming for Your Job

21:10 15 February in Articles Written by Jon Henschen

February 14, 2018

By Jon Henschen, as published on ThinkAdvisor

“Doomsday Preppers,” an American reality series that ran on the National Geographic channel from 2011 to 2014, explored “…the lives of otherwise ordinary Americans who are preparing for the end of the world as we know it.” The movement continues today, with Silicon Valley technology executives among the latest participants in this survivalist world.

A more recent documentary, “Silicon Valley’s Doomsday: Prepping for An Economic Apocalypse,” shows how tech preppers are readying themselves and their families to live out a technological apocalypse in style, complete with bunkers, off-grid homes and guns. These executives are spending anywhere from $200K-400K on the low end to millions on the high end for so-called “billionaire bunkers.”

Unlike the tin-foil-hat preppers of old who were concerned with a nuclear electromagnetic pulse,

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Ron Carson openly poaches LPL advisors, seducing them with new tech

21:47 08 February in In the News

February 8, 2018

By Ann Marsh, Tobias Salinger, Financial Planning

In a risky recruiting strategy that could invite lawsuits, advisor Ron Carson is openly trying to lure advisors away from LPL Financial, the largest U.S. independent broker-dealer.

His sales pitch includes a nationwide speaking tour, in which he tempts advisors with a new, streamlined technology platform.

For more than 20 years, Carson had been LPL’s top producer, but he left in early 2017 to join another large IBD, Cetera Financial Group. Now, he has crafted a personal appeal to entice other LPL planners to follow suit. He started delivering the message at the first of 13 day-long advisor workshops planned to take place around the country.

“I can’t tell you how great it is to talk to you,