Advocate for small broker-dealers sells her small broker-dealer

Lisa Roth's Keystone Capital cops an offer from Fortune Financial principals

Nov 7, 2012 @ 3:18 pm

By Dan Jamieson

A prominent advocate for small broker-dealers, Lisa Roth, has sold her brokerage firm, Keystone Capital Corp., to Gregory Bentley and Blake Daniels, two principals who currently run Fortune Financial Services Inc., based in New Brighton, Penn.

Terms of the sale, completed Nov. 2, were not disclosed.

Ms. Roth said the sale of Keystone, which has six registered representatives, will allow her to focus on her compliance consulting and expert witness business, which she runs in conjunction with industry veteran Al Monahan, who was a co-owner in Keystone.

David Martin, Ms. Roth's son, will continue as president of Keystone, which will retain its name and remain in San Diego.

Mr. Bentley will be the chief executive, and Mr. Daniels the chief financial officer, the same roles they play in Fortune Financial.

Mr. Bentley, who lives in Rancho Santa Margarita, Calif., said he was looking for a full-service independent broker-dealer to complement Fortune, which he describes as a “Series 6 firm” with nearly 200 representatives who sell mutual funds and annuities.

Keystone was run by “well-respected industry executives,” he said, and provides a good platform to build from, including its own registered investment advisory unit.

Keystone is about 30 years old, Mr. Bentley added, “but never had any growth initiatives.”

He plans to grow by “just getting out and recruiting reps the old-fashioned way.”

Mr. Bentley said Keystone will offer a simple compensation plan for brokers who don't want to pay for a lot of financial planning services that they don't use, and a broader product array than Fortune Financial.

The two broker-dealers will be run independently.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

INTV

Children of AI, and when they are coming to financial advice

Technology reporter Ryan Neal talks about the tremendous progress in artificial intelligence in other industries, and how its applications are slowly making headway in the advice sector.

Latest news & opinion

SEC advice rule: Here's what you need to know

We sifted through the nearly 1,000-page proposal and picked out some of the most important points.

SEC advice rule seeks to tighten reins on brokers

The proposed rule puts new restrictions on brokers, but it is still unclear how strongly the SEC is clamping down.

SEC advice rule hearing updates

Commission says a lot of work ahead, public will have 90 days to comment.

SEC advice proposal unveiling: Here's what to expect

Chairman Jay Clayton will initiate momentous action Wednesday, as the commission meets to debate a rule on broker and adviser standards.

How active are the largest actively managed funds?

Active-share measures for the 15 largest actively traded mutual funds.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print