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IBDs used to keep their hands off clients. Not anymore
Giant financial services companies are starting 2023 with more moves to control and own the assets of financial advisors, rather than servicing them for a modest fee.
Centaurus hit with $1.1 million penalty over structured product sales
The SEC said brokers in the firm's Lexington, South Carolina, branch office recommended variable interest rate structured products to dozens of retail customers for whom they weren't suitable.
Rising rates, falling revenue will dramatically change RIA M&A activity in 2023
Look for independent broker-dealers flush with interest-rate revenue to emerge as credible threats to the mergers-and-acquisitions status quo.
United Advisor Group debuts as a new RIA aggregator
The independent registered investment advisor has partnered with Goldman Sachs Advisor Solutions for its custody services.
LPL recruiting down in 2022
But CEO Dan Arnold is optimistic about the start of 2023, noting that the fourth quarter was the best period for recruiting last year and predicting that momentum will carry over into the first quarter.
Dickson out as head of Sanctuary Wealth, ex-Ladenburg exec Malamed in
The firm declined to comment about Jim Dickson's sudden departure from Sanctuary Wealth, which he had led since 2018.
Alex. Brown nabs Florida advisor managing $250 million at Merrill
Daniel Laiter will join Alex Brown's Brickell Avenue branch in Miami.
LPL adds Texas advisor managing $180 million
Jonathan Blakelock and six staff members are joining LPL from Ameriprise and will operate as Blakelock Financial Group in Kingwood.
Raymond James record wealth management earnings offset declines in other businesses
Overall, the firm’s quarterly net revenue was flat compared to the prior year’s fiscal first quarter, and down 2% from the previous quarter.
Team of women managing $435 million join Raymond James from UBS
Jeanne Eisele, Mary Gilbert and Leanne Gray operate as Anchor Financial in Linwood, New Jersey.
Cetera to buy Securian’s wealth business
The deal will bring Cetera more than 1,000 advisors with $24.8 billion in assets under management and $47.4 billion in assets under administration.
Commonwealth adds $230 million team from Advisor Group
Michael Critchfield and Matthew DiGiacomo operate as Core Financial Group in Yuba City, California.
LPL adds two tech execs from Bank of America
Cory Triolo and Tim Checko are joining the IBD's investor and investment solutions team.
Recruiting takes a hit in 2022, with moves down 5.3% from 2021
On net, the RIA channel gained 1,097 advisors and independent broker-dealers gained 923, while 1,291 advisors on net left wirehouses.
Commonwealth recruits $1 billion team from Edward Jones
Temple, Texas-based Cedarwood Financial Partners specializes in retirement planning services.
Team managing $300 million at Securities America joins LPL
Vancouver, Washington-based advisors Eric Fenton and Rodney Wangler founded their firm in 2001.
Cetera nabs giant office from Securities America
The Patriot Financial Group, based in a suburb of Boston, works with 70 financial advisors who have $2.5 billion in client assets.
Arizona advisor managing $200 million joins LPL from Cambridge
David Dobrusin is both a CPA and a certified financial planner.
Expect giant branch offices at IBDs to flex their muscle
There are plenty of private equity managers left who could still invest in large branch offices of independent broker-dealers.
LPL shares remain analyst’s top pick in 2023
The share price of LPL Financial Holdings Inc. increased 27% over the past year, even as the S&P 500 index fell 19.4%.
