By Louis Diamond – A growing trend of departures from Northwestern Mutual has left many of the firm’s advisors wondering what’s driving their colleagues away from the broker dealer, and what they are finding on the other side.
By Louis Diamond, InvestmentNews – An interesting trend is developing amongst the largest and most successful independent broker dealer (IBD) practices. It’s a high-class problem to have—one that we see at every IBD when the top 5–10% of individual practices (those typically generating in excess of $3-5mm of GDC) reach a point where they begin thinking about their end game and how they will monetize their life’s work. They are essentially “growing themselves out of the market.” That is, their practices have reached a point in which there is not a viable successor within their broker dealer network.
Former UBS advisor Lori Siegel CFP of Centrix Wealth Partners talks about her first year of independence, forming Centrix Wealth Partners with Raymond James Financial Services, and how the ability to control their own destiny was a powerful driver.
By Louis Diamond, InvestmentNews – An interesting trend is developing among the largest and most successful independent broker-dealer practices. They are essentially “growing themselves out of the market.” That is, their practices have gotten to a point at which there is not a viable successor within their broker-dealer network.
Bill Williams of Ameriprise Franchise Group discusses how dramatic shifts in recruiting practices, plus improvements in infrastructure, support, technology and marketing have resulted in great success for the century-old independent broker dealer.
Louis Diamond Quoted – By Asia Martin, WealthManagement.com – Under the premium affiliation model, LPL will handle some of the more daunting tasks involved in going independent while allowing advisors to be self-employed.
By Louis Diamond, WealthManagement.com – The wealth management industry was already evolving rapidly to match the needs of clients and advisors, yet the COVID-19 crisis is likely to accelerate the pace even faster. While each segment of the financial services ecosystem will no doubt be impacted, there’s one area in particular likely to evolve more than others: the Independent broker dealer (IBD) channel.
Louis Diamond Quoted – By Asia Martin, WealthManagement.com – Bleakley Financial, a firm affiliated with Private Advisor Group, an office of supervisory jurisdiction of LPL Financial, announced it had added an advisor with $170 million in client assets from Northwestern Mutual. The advisor, Lyle Weintraub, joined last week as the coronavirus continued to wreak havoc on the markets.
Derek Bruton rides again as CEO of Chalice Wealth Partners IBD and RIA, after Kingswood acquisition splits units from the services outsourcer
Louis Diamond Quoted – By Oisin Breen, RIABiz – Former LPL Financial senior executive Derek Bruton now heads his own independent broker-dealer, after Kingswood Holdings bankrolled and spun off two subunits of Keith Gregg’s start-up, Chalice Wealth Partners (CWP). Bruton’s Post-LPL career has consisted of shorter stints at smaller enterprises and just under two years at old-line broker-dealer Oppenheimer & Co.
By Louis Diamond – It’s not surprising that the RIA space often garners the lion’s share of attention both in the media and with advisors considering their next chapter. Yet in a rapidly changing landscape, IBDs have been working hard to evolve their business models and position the firms – and their advisors – for a new chapter of success.
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