By Louis Diamond, ThinkAdvisor – It’s not surprising that the RIA space often garners the lion’s share of attention in the press and with advisors considering the next chapter of their careers.
With 30 years under its belt, LPL Financial is undergoing an evolution to what CEO Dan Arnold describes as “the next generation independent model.” Guests Rich Steinmeier and Marc Cohen share some inside baseball on the independent broker dealer’s new direction.
Mindy Diamond Quoted – By Jeff Benjamin, InvestmentNews – Chicago-based HighTower continues to live up to its reputation as a hungry acquirer of larger registered investment advisers. In the latest example of its private-equity-backed growth strategy, HighTower >announced the acquisition of Schultz Collins, a $1 billion advisory group with offices in San Francisco, Washington and Towson, Md.
By Tobias Salinger, Financial Planning – A financial advisor who bolted from JPMorgan Chase Bank says many in the bank channel hesitate to go independent from their longtime branches and well-known brands.
By Alex Padalka, Financial Advisor IQ – As Merrill Lynch reports that its advisor ranks dipped slightly in the second quarter 1% from the previous year, the wirehouse lost a team of brokers to Raymond James, according to Raymond James.
A conversation about the IBD model with Commonwealth Financial Network Managing Principal of Business Development, Andrew Daniels. Learn how the firm, 40 years in the making, has evolved, and how their model differs from others in the independent space.
LPL Financial jumps into the full-service brokerage business via acquisition — with help from Raymond James’ Silver Lane Advisors
Louis Diamond Quoted – By Brooke Southall, RIABiz – LPL Financial Holdings Inc. can no longer be called a pure independent broker-dealer. Watch out Wall Street.The largest of the independent broker-dealers just took a bold step toward making the full-service broker-dealer model a solid option for wirehouse breakaways.Louis Diamond, principal of Diamond Consultants in New York, calls the deal “smart.”
Chip Munn reminds us that breakaways do not always come from the wirehouses. He left regional broker dealer Hilliard Lyons for RJFS in 2016 in search of more freedom and flexibility to grow his business. And grow he did: from $300mm in AUM to $1.2B in just a few short years.
Louis Diamond Quoted – By Jeff Benjamin, Investment News – LPL Financial has recruited a team managing $300 million from Cetera Advisor Networks, one of six independent broker-dealers under Cetera Financial Group.
By Debbie Wallen – Not that long ago, generating $1mm in revenue was a milestone worth celebrating: Those at this level were considered top of the food chain, and ardently pursued by all major firms. But, in today’s world, it’s the advisors in the “Billion Dollar AUM Club” who garner the lion’s share of attention from firms.
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