'The wealth managers have been unbelievably supportive through all of this,' said Bryant Riley, the firm's chair and co-CEO.
With over a century of collective experience, the veteran-led team is joining the broker-dealer’s employee advisor arm in Florida.
The RIA giant is tapping alums of LPL, Osaic, Commonwealth and TD Ameritrade in a ramped-up bid to support advisors’ evolving needs.
The use of unmonitored messaging apps by financial advisors has been on the rise in the wake of the Covid-19 pandemic.
A bill in New York City, in addition to the new FTC rule, could be good news for restless advisors.
'Does Osaic really need these redundancies in management,' asked one industry executive.
The advisor, who reportedly managed $450M in client assets at UBS, is joining the Western division in California.
The former wirehouse advisor is tapping into LPL’s platform after managing $280M in retirement and other assets at his former firm.
Senior industry executive poses the question after latest switch, this time in investment banking.
The second-generation advisor and former hedge fund analyst reported managing $85 million in assets at the wirehouse.
Sketchy math dogs private market investments sold to retail investors.
The deal for the Orange County, California-based firm’s wealth business is set to add around 125 advisors to LPL.
"Another schlocky broker-dealer gets hit with an arbitration award and the owner and everyone else declare bankruptcy," said one attorney.
The new fiduciary rule will pull a lot of brokers under the Employee Retirement Income Security Act, and harkens back to the levelized compensation from the 2016 rule.
The broker-dealer giant has onboarded a husband-wife tandem who previously managed $200M at Edward Jones.
"These firms have to go back, hire a new accounting firm and restate financials," said one senior industry executive.
The veteran advisor, whose resume includes time in Silicon Valley, brings a $275M book that includes lawyers, small business owners, and widows.
Deals by LPL underscore surge in price propelled by the ongoing movement to fee-based revenue from one-time commission charges.
"The only way to really address recidivism is through bringing criminal cases," one attorney said.
The two breakaway advisors are launching their own independent practice after managing a book of $240M at Ameriprise.
