Upstart independent broker-dealer DeWaay Financial Network LLC has landed another top independent registered rep.
Thomas Karsten resigned from H.D. Vest Investment Services last week. He said he controls about $180 million in client assets and produces about $2 million in fees and commissions annually.
(Mr. Karsten registers as one of the five largest producers to change firms in the last 30 days, according to InvestmentNews' recruiting database.)
DeWaay Financial, located in Clive, Iowa, focuses on investment banking and alternative-asset classes such as late-stage private equity and venture-capital offerings. Such alternative investments are a world away from the traditional packaged products — mutual funds, variable annuities and the like — that many independent representatives and advisers sell.
Mr. Karsten, however, said that, in the future, he foresees that “clients are going to look for more” from their advisers than traditional investments.
DeWaay is also looking to build a roster of advisers who focus on the wealthy. Earlier this month, Erin Botsford, with $3.5 million in annual fee and commission production, joined the firm from FSC Securities Corp.
DeWaay's direction clearly appealed to Mr. Karsten. “I wanted a firm that focused on higher-end business,” he said.
Susan Patrick, a spokeswoman for H.D. Vest, said the firm had no comment about Mr. Karsten's departure.
