Berthel Fisher's president, Jeff Auld, exits the firm

Jeff Auld, the president of Berthel Fisher and Company Financial Services Inc., has left the company for personal reasons.
MAY 12, 2008
Jeff Auld, the president of Berthel Fisher and Company Financial Services Inc., has left the company for personal reasons. This is the second time that he has left his position as the head of an independent-contractor broker-dealer in less than two years. He joined Marion, Iowa-based Berthel Fisher in September 2006 after deciding to leave Next Financial Group Inc. of Houston. At that time, Mr. Auld was widely credited for building Next Financial into one of the fastest-growing broker-dealers of the decade through his skill as a recruiter. He is from Iowa, and when he joined Berthel Fisher, he said that it was a quality-of-life decision. In a memorandum, Thomas J. Berthel, chief executive of Berthel Fisher, told representatives and employees last Wednesday morning that Mr. Auld is "no longer employed" by the firm. Mr. Berthel, who will replace Mr. Auld as president, gave no reason for Mr. Auld's departure. Last month, Mr. Auld asked the company for time off because of a personal issue, said Ron Brendengen, the firm's chief operating and financial officer. But last week, Mr. Auld said he needed to resign, according to Mr. Brendengen. Berthel Fisher was ranked as the 46th-largest independent-contractor broker-dealer in last month's survey of firms by InvestmentNews. Last year, the firm had $56.2 million in gross revenue and about 300 affiliated reps. The departure marks the second time in as many months that a popular head of an independent broker-dealer has left a firm. Last month, Joseph B. "Joby" Gruber was forced to resign from two broker-dealers in the AIG Advisor Group, a subsidiary of American International Group Inc. of New York, because he permitted an underling to take continuing-education exams in his name. Mr. Auld couldn't be reached for comment. E-mail Bruce Kelly at [email protected].

Latest News

Federal judge dismisses Eltek manipulation lawsuit against Morgan Stanley Smith Barney
Federal judge dismisses Eltek manipulation lawsuit against Morgan Stanley Smith Barney

Nine-month electronic trading freeze and share lending program at the center of dismissed claim.

RIA wrap: Dynamic strikes South Carolina deal to reach $7B AUM milestone
RIA wrap: Dynamic strikes South Carolina deal to reach $7B AUM milestone

Meanwhile, Rossby Financial's leadership buildout rolls on with a new COO appointment as Balefire Wealth welcomes a distinguished retirement specialist to its national network.

Rethinking diversification amid a concentrated S&P 500
Rethinking diversification amid a concentrated S&P 500

With a smaller group of companies driving stock market performance, advisors must work more intentionally to manage concentration risks within client portfolios.

Merrill pays second settlement to former Miami Dolphins player, client of ex-broker
Merrill pays second settlement to former Miami Dolphins player, client of ex-broker

Professional athletes are often targets of scam artists and are particularly vulnerable to fraud.

Schwab touts AI as its biggest growth lever at investor day
Schwab touts AI as its biggest growth lever at investor day

The brokerage giant tells Wall Street it will use artificial intelligence to reach clients it has never been able to serve — and turn the technology's perceived threat into a competitive edge.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline