'It's a tug of war. The firms want to keep more revenue, and the financial advisors want to do the same,' an industry recruiter says.
'I intend to vigorously defend myself against these claims,' broker Tony Barouti states.
A $60-per-account fee and retention bonuses are issues that are expected to come up in Cetera senior execs' meeting with Avantax advisors.
This is Wealthspire's third deal for a registered investment advisory firm this year.
The diverse practice in Albuquerque, New Mexico, is led by financial advisor Angelo Burns.
Carl M. Hennig Inc. has 10 registered reps and about $1.3 billion in client assets.
But big banks can fall flat when it comes to building a home for financial advisors.
Following Cetera's announcement that it was going to buy Avantax, two ratings agencies put the debt of Cetera's parent, Aretec Group Inc., on review.
Since its launch in 2009, CAIS has facilitated over $25 billion in transactions involving financial advisors.
Berthel Fisher has been known to sell a variety of alternative investments, which at times can be expensive and volatile.
