LIMRA, LOMA Retain Kerzner as Chief Executive
The board of directors of LL Global, the parent of trade groups LIMRA and LOMA, announced that President and CEO Robert Kerzner would retain that position for another five years.
LL Global's directors singled out LIMRA's successful acquisition and integration of Kenneth Kehrer Associates in 2006 as a keystone of Kerzner's tenure at the group. Directors also hailed LIMRA's merger with LOMA, which created LL Global. Kerzner joined LIMRA in 2004 from The Hartford, where he'd spent 30 years and headed its individual life insurance division.
Record Breakaway Advisers to TD Ameritrade
TD Ameritrade's ramped-up efforts to nab breakaway brokers is paying off in spades. A record-setting 212 brokers who joined firms that already use TD Ameritrade as custodian have joined the firm, a 44% increase from the first three quarters of last year.
"Custodians realize they are not only responsible for custodying," said Alois Pirker, director of wealth management research at Aite Group. "The more services they can offer, the more assets they can receive. What is out of scope is constantly shifting and moving upwards."
"The fee-based fiduciary business model of independent registered investment advisors is becoming more attractive to brokers who are tied to legacy technology, proprietary products and sales-driven cultures," said Tom Bradley, president of TD Ameritrade Institutional.
That is ultimately what attracted Ron Wyatt to JFS Wealth Advisors in Hermitage, Pa. Wyatt had spent 16 years doling out financial advice as a traditional broker at the firm A.G. Edwards, which later became Wells Fargo Advisors.
In September, he became fed up with the notoriety that kept sticking to firms like his, and finally decided to join JFS Wealth Advisors, a registered independent advisory firm in Hermitage, Pa., with $800 million in assets under management.
Kinder in London Move to Bolster Life Planning
George Kinder, life planning pioneer and founder of the Kinder Institute of Life Planning, came to two important realizations a while ago: European countries were embracing his approach to financial planning, and he was spending up to three months a year in London promoting the movement.
This week, Kinder is relocating to London to establish an office and focus on expanding operations nationally and throughout the continent. London is the U.K.'s financial center, which allows independent advisors to thrive, Kinder said. Independent advisors pass through the city at least once a month to meet with clients, investment product providers and discount brokerages, which the British refer to as platforms.
"The entrepreneurial opportunities there are tremendous," Kinder said. "It is an incredible place to make things happen. The best use of my time would be to foster the life planning movement in London."
He won't be alone in London. Tina Weeks, founder of Serenity Financial Planning, is the Kinder Institute's representative there.
Kinder developed a detailed, client-centered interview process, EVOKE (exploration, vision, obstacles, knowledge and execution), to help advisers and clients identify personal and spiritual priorities in their lives, so that the financial plans are more effective.
He also authored the book "The Seven Stages of Money Maturity."
U.K. financial advisers are also facing changes to the financial industry's retail distribution review regime, which governs various levels of professional competency. The Financial Services Authority extended the list of professional designations under the RDR to include the certified financial planner, something that has drawn some criticism from the financial advisory profession.
Kinder will also bolster the movement in Europe. Financial planning professionals in several countries have already adapted his philosophical methods to administering financial advice in their practices, including some in Austria, Belgium, and Ireland. Indeed, the Netherlands, accounts for the highest number of registered life planners per capita and per square miles, Kinder said in a phone interview.
About 78 professionals there hold the comprehensive RLP, according to the organization's website. The institute also teaches courses to advisers in 16 other countries.
Morgan Stanley Snags Multi-Million Producer Laurence Braunstein
Morgan Stanley Smith Barney recruited Laurence Braunstein as a financial advisor and SVP in New York.
According to FINRA filings, Braunstein joins from First Allied Securities, a division of Advanced Equities Financial Corp. Prior to that, he worked at Home Life Equity Sales Corp.
Braunstein managed $200 million in client assets and generated up to $3 million in annual fees and commissions.
"MSSB made a big move by recruiting Braunstein," said an industry headhunter. "This was definitely a big move."