Sales of alternative investments have exploded over the past few years, leaving some observers wondering whether financial advisors truly understand the products and whether clients realize the risk.
The fund's exposure to First Brands is about 1.4% of its $1.9 billion total assets, according to company filings.
Cetera is leaning on Summit Financial and its veteran leader Marshall Leeds to reel in those advisors.
'Advisors always tell you it's not about the money when it comes to recruiting, but when you see money like that, it's about the money,' one executive said.
According to the company, it's valuation is up from $3.1 billion just two years ago, with recapitalization led by Mousse Partners, Progeny 3, and Abrams Capital.
Raymond James 'has also been getting more love on Commonwealth recruiting success,' one analyst noted.
Schwab has been evaluating its referral program for RIAs for over a year.
Isaiah Williams, 33, was arrested in Florida in June for his alleged involvement in the theft of almost $2.6 million from Reshad Jones, a former Miami Dolphins safety.
The cuts involved a few dozen workers in Stifel's IT department, mostly in St. Louis, according to a report.
'This is about as fiercely competitive an environment for a group of advisors as I’ve ever seen,' says one senior industry executive.
