LPL Financial said it will likely surpass its target to bring aboard Waddell & Reed advisers, according to CEO Dan Arnold. The company reported adviser headcount was 17,287, up 119 from the end of September and 823 year-over-year.
With naming rights to the stadium in Tampa Bay, Raymond James and its 8,000 advisers will particularly enjoy the Super Bowl this Sunday.
GPB raised $1.8 billion from investors starting in 2013 through sales of private partnerships, but it has not paid investors steady returns, called distributions, since 2018.
Broker-dealers sold just $362.3 million in nontraded BDCs last year, the least since 2010, which was the year after the first product was launched, according to Robert A. Stanger & Co. Inc.
The first investor arbitration claims involving the products have been decided over the past few months, but the claim against Arete Wealth Management appears to be the first substantial win for investors against a broker-dealer.
Moody's Investors Service this month gave a shot in the arm to the parents of Advisor Group and Cetera Financial Group when it raised its credit outlook from negative to stable for both. Advisor Group is home to 10,500 reps and advisers and Cetera has about 7,500 under its roof.
COVID-19 and increased competition slowed down recruiting in 2020, according to CEO Paul Reilly. Now, the firm is beefing up compensation to advisers who are employees.
The brokers with outages or problems include the most prominent names in the discount and online brokerage industry, including Fidelity, the Charles Schwab Corp., TD Ameritrade, ETrade Financial Corp. and Robinhood.
Record profitability in wealth management in the Americas was driven by growth in loans, separately managed accounts and adviser productivity, the company said.
The loan program was aimed at buoying businesses with less than 500 employees; while National Securities surpassed that number of reps and advisers, those were not employees, but rather independent contractors.
