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LPL Wields Major, if Unglamorous, Recruiting Advantage

20:39 05 December in In the News by rafferty

December 5, 2017 Barrons.com LPL Financial is beating back rivals to lock up billion-dollar practices at the National Planning Holdings units it recently bought. And while incentive money, culture and scale are always factors in these recruiting battles, LPL wields an ace card: A relatively easy transition. Last week, $1.1-billion Discovery Financial Centers, in Red Wing, Minn., waved off outside suitors and agreed to move to LPL. In October, $2-billion Trilogy Financial, in Huntington Beach, Calif., announced it would join LPL. And LPL plans by the end of the month to announce deals with additional billion-dollar firms, according to Financial Planning. These businesses belonged to some of the four broker-dealers whose assets LPL acquired in August. LPL chief Dan Arnold has projected that his firm will hang on to about 70% of the four...

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Waddell & Reed sees ‘unprecedented change’ under new regime

20:33 05 December in In the News by rafferty

December 5, 2017 By Tobias Salinger, FinancialPlanning.com One of the oldest mutual fund companies in the country is transforming its independent broker-dealer with a new structure and a higher payout for advisors. At the same time, new leadership at the IBD remains intent on cutting costs and overall headcount. On the day before Thanksgiving, suburban Kansas City-based Waddell & Reed Financial disclosed a series of changes to its executive ranks. Thomas Butch, its chief marketing officer and the longtime head of the firm’s IBD and wholesale channels, stepped down after 18 years with the firm. Just a few days later, former Waddell & Reed CEO Henry Herrmann announced his retirement as chairman of the firm’s board. Current CEO Philip Sanders took over from Hermann last year as the firm struggled with outflows following portfolio...

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After LPL deal, $1.3B National Planning firm bolts for Commonwealth

16:53 19 October in In the News by rafferty

October 19, 2017 By Tobias Salinger, FinancialPlanning A father-son firm managing $1.3 billion in client assets opted for Commonwealth Financial Network rather than remaining with National Planning through the transition of its advisors to LPL Financial. Stuart and Michael Paris of Paris International “would have never left” National Planning if the firm’s assets had not changed hands in LPL’s big recent acquisition, Michael Paris said this week. The Great Neck, New York-based firm chose the fourth largest independent broker-dealer over the largest one. LPL’s Aug. 15 purchase boosted its own prospects while helping recruiting efforts for its competitors. The boutique-like model of Commonwealth stands as an alternative to increasingly large firms like LPL in the bifurcating IBD space, a study found earlier this month. LPL is too big for Paris, Michael Paris says. “It’s a...