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In the News

LPL Offers Retention Deals to NPH Advisors

21:21 13 September in In the News

September 13, 2017

By Diana Britton, Michael Thrasher,

For some loosely affiliated groups, the deals are based on individual advisor, not group, production, an unusual move.

LPL Financial has started to offer retention packages to reps at National Planning Holdings, the network of 3,200 advisors the firm purchased from Prudential last month. The firm shared some details about the transition efforts, including the timeline for the tape-to-tape transfer as well as transition assistance.

Something unusual about the offers is that for some loosely affiliated groups, transition assistance and payouts are based on individual advisors’ production, not the group’s. So for many advisors who were used to being dealt with as a team by NPH, their payout may be going down.


Tom Bradley’s Sad, but Unsurprising, Exit From TD Ameritrade

19:12 08 September in In the News

September 8, 2017

By Janet Levaux, ThinkAdvisor 

Industry observers lamented the departure of Tom Bradley, the former head of both RIA and retail operations at TD Ameritrade.

Bradley’s time at the brokerage firm ended Thursday, when TD Ameritrade said that, as part of its merger with Scottrade, it was putting Pete deSilva in charge of the combined firm’s retail distribution business.

“Talk about a leader. Bradley was one of the good guys. He put his heart and soul into the RIA business” over the past 30 years, said consultant Tim Welsh of Nexus Strategy in an interview. “He championed the RIA cause when no one else was,” Welsh said, “since day one. TD’s RIAs will miss that.”

Others agree.

MetLife cutting annuity pay to some of its former advisers

02:17 07 September in In the News

September 5, 2017

By Bruce Kelly, Investment News

MetLife Inc. is cutting compensation on annuities sold by former advisers who moved to other broker-dealers after MetLife sold its Premier Client Group last year to Massachusetts Mutual Life Insurance Co.

And the cut in pay is drastic. According to a memo from LPL Financial last week to the former MetLife Premier Client Group advisers who now work at LPL, asset based trail compensation rates will be reduced to approximately 27% of current levels.

That means if an adviser received an upfront commission of 1% to 2% and an annual 100 basis point trailing commission after selling a variable annuity to a client, that annual trailing payment would be reduced to 27 basis points,