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Articles Written by Jon Henschen

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The Downside Of B-D Counteroffers

14:54 16 February in Articles Written by Jon Henschen by rafferty

February 14, 2022 By Jon Henschen, FA Financial Advisor Advisors choose to leave broker-dealers for many reasons. It might be that they feel the culture of their firm is declining, that they’re getting poor back-office service quality and the response times are lagging. It could be that a firm’s heavy-handed response to compliance caters to the lowest denominator. Or it could be that the firms don’t give advisors access to more innovative advisory options—that their technology is pigeonholed. The list goes on and on. When it comes time to finally leave (after they’ve done due diligence on other firms), and they let their broker-dealer know, that’s when the company might come back with a counteroffer to stay. These offers aren’t common in the independent broker-dealer space, but they do happen, so you need to...

Equal Opportunity or Equal Outcome?

01:39 25 January in Articles Written by Jon Henschen by rafferty

Only one will perpetuate peace and prosperity in the workplace.   January 21, 2022 By Jon Henschen, American Thinker The financial services industry has evolved on the topic of equality over the last five years. Five years ago, firms were encouraged to bring greater diversity and equality to the workplace.  Over time the message became increasingly urgent and instead of encouraging, industry writers started to guilt firms to speed up the process of back-office employees and advisors hired reflecting greater diversity and equality.  More recently the tone of articles has shifted to shaming firms that haven’t made enough "progress" in equality/diversity advances.  The shaming has been primarily focused on broker/dealers that are small and midsized vs. larger broker/dealers that these anointed ones believe progressed at a fast enough pace to not be shamed.  The...

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5 Reasons Going RIA Beats the IBD Model

19:58 05 December in Articles Written by Jon Henschen by rafferty

November 30, 2021 By Jon Henschen, ThinkAdvisor Two primary threats to independent broker-dealers are advisors retiring or going the RIA/dual-clearing route. Even though many broker-dealers have become friendly to advisors who to want operate with a hybrid approach, many of the larger BDs have been shutting the door to dual clearing, which generally lets advisors custody advisory assets with the BDs’ own clearing firm(s) and at TD Ameritrade, Schwab, Fidelity Institutional Wealth Services (IWS) or Interactive Brokers. Broker-dealer profit motives are the primary driver of the split from dual clearing since assets held with their own clearing firm are far more profitable than those held outside of it. With certified financial planners now required to uphold a fiduciary standard of care for client investments, we see a clash of interests that will further drive advisors to go RIA and hold advisory assets outside...