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LPL Financial snags $500 million firm from Cadaret Grant

October 23, 2018

LPL Financial has signed on a $500 million firm from Cadaret Grant. Beltz Ianni & Associates, which is based in Rochester, N.Y., was with Cadaret Grant & Co. for seven years before switching to LPL, according to Finra BrokerCheck. The firm has...

LPL rolls back recruiting policy aimed at driving more assets to its corporate RIA

October 22, 2018

LPL Financial is backing away from a contentious policy it created last year with the intent of driving more assets to its corporate RIA platform. Rolled out in August 2017, the policy required new advisers joining LPL to have at least $50 million...

LPL snatches $3.7 billion Exemplar Financial from Cetera

October 22, 2018

LPL Financial has delivered the latest salvo in its bitter rivalry with Cetera Financial Group by recruiting Exemplar Financial Network, a Crystal Lake, Ill.-based firm that supports $3.7 billion in assets under management. The firm ended its...

LPL reels in $520 million team from rival Cambridge

October 18, 2018

LPL Financial said on Thursday that a large, 14-person team in Cedar Rapids, Iowa, with $520 million in client assets recently left Cambridge Investment Research Inc. to join LPL. Premier Investments of Iowa is led by Jeff Johnston, president,...

LPL and Independent Financial Partners lose $10 billion retirement group

October 18, 2018

Retirement Benefits Group, a multibillion dollar advisory group focused on defined-contribution plans, is leaving LPL Financial and Independent Financial Partners early next year, according to a source familiar with the plans. RBG — which...

Ex-Wells Fargo broker complaint wins class action status in fight over deferred compensation

October 16, 2018

A federal judge has granted class action status to a lawsuit brought by a financial adviser who claimed Wells Fargo Advisors cheated him out of $200,000 in deferred compensation. The adviser, Robert Berry, worked at Wells Fargo Advisors and...

Raymond James snags $285 million team from LPL in Rochester, N.Y.

October 16, 2018

Raymond James has snagged a $285 million team from LPL Financial in Rochester, N.Y. The team, which operates as Legacy Financial Planning, includes financial advisers Tamar "Tammy" Mogilski and Brian Bedford. They have offices in Shelton, Conn.,...

After Ohio National decision, the fine print of annuity trails is now a must-read

October 13, 2018

It's still a fresh sting, hearing that Ohio National Financial Services Inc. plans to terminate servicing agreements and cut off trail commissions to broker-dealers that sell some of its variable annuities. Can they really do this, some B-Ds...

Allianz dumps its IBD

October 11, 2018

Another life insurance company is dumping its independent broker-dealer, with Allianz Life Insurance Co. of North America saying on Thursday it was leaving the retail broker-dealer and RIA businesses. Advisers with Allianz's Questar Capital...

Market forecasters dissect the sell-off

October 11, 2018

Wednesday's market moves were enough to induce motion sickness, as the S&P 500 index fell 3.3%, the Dow down 832 points and the Nasdaq dropped more than 4.4%. But investment strategists note that this week's slide follows a very subdued third...

How Ohio National's move may lead to 'unscrupulous' broker behavior with annuities

October 4, 2018

Ohio National Financial Services Inc. recently told broker-dealers it would be terminating trailing commissions on some of its variable annuities, which has led experts to fear that the insurer's action will cause unscrupulous behavior among...

LPL recruits $220 million Missouri team from Waddell & Reed

October 3, 2018

BMG Advisors, a Kansas City-based team, has joined LPL Financial from Waddell & Reed. BMG Advisors has served approximately $220 million in client assets. Formerly known as Buford-Malone Group, the team includes Jennifer Malone, Andrew Rogers,...

Ohio National to end brokerage arrangements, eliminate adviser compensation on variable annuities

October 2, 2018

In what is believed to be a first-of-its-kind move among insurers, Ohio National Financial Services Inc. has informed broker-dealers that sell its variable annuities that it will terminate servicing agreements and cut off trail commissions by...

Is the worst over for Wells Fargo Advisors?

September 29, 2018

After six years as a broker with Wells Fargo Advisors, Michael Landsberg parted company with the firm this past summer. And while the prime reason was a chance to start his own registered investment advisory firm, Mr. Landsberg acknowledged...

LPL video about private equity looks like a swipe at Cetera

September 21, 2018

LPL Financial appears to be dissing its rivals, including Cetera Financial Group, in a video that is making the rounds of social media sites such as LinkedIn with the title, "How Financial Advisers Can Be Impacted by Private Equity Ownership."...

Another veteran recruiter walks away from LPL

September 18, 2018

Another veteran recruiter has walked out the door at LPL Financial, with veteran David Symecko last week moving to Fidelity Clearing and Custody Solutions. LPL has long been considered an industry powerhouse when it comes to recruiting and has...

LPL nabs $300 million firm from Cetera Financial

September 17, 2018

LPL Financial has recruited a $300 million advisory firm from Cetera Financial Group. Multop Financial, based in Bellingham, Wash., was founded in 1976 by Air Force veteran Phillip Multop. Today, the firm includes three financial advisers, three...

LPL Financial snags $200 million team

September 13, 2018

Moore Financial Services has joined LPL Financial's broker-dealer and registered investment adviser platforms. Moore managed approximately $200 million in client assets. Based in Richmond, Va., Moore Financial was previously affiliated with...

Galvin orders SII to pay restitution on nontraded REIT sales

September 7, 2018

Massachusetts Secretary of the Commonwealth William Galvin banged away Friday on another independent broker-dealer for sales of nontraded real estate investment trusts, this time ordering SII Investments Inc. to pay money back to clients who...

Securities America snags $650 million hybrid from LPL

September 4, 2018

A $650 million hybrid has left LPL Financial to join Securities America, a subsidiary of Ladenburg Thalmann Financial Services Inc. Patriot Financial Group, which is also a super office of supervisory jurisdiction, is led by David O'Donnell,...

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