Independent BDs

The father-son practice with two other advisors switched their affiliations after its founder had spent 18 years with New York Life.

The latest roundup of news in the IBD and RIA channels comes in a time of economic turmoil and big transactions.

During Andy Kalbaugh’s tenure with the No. 1 IBD, its headcount grew by more than 50% to nearly 17,000 reps.

The firm will also pay a penalty and offer to buy back variable annuities the former broker sold to 21 other investors.

With higher compensation offers and a track record of independence, the No. 1 IBD is “challenging the status quo,” its head recruiter says.

The No. 1 IBD revealed new details of its W-2 affiliation after it followed rivals into the employee channel with an acquisition it made last year.

“We basically had clients demanding that we find a new home,” after Wells Fargo failed to secure PPP loans for them, an advisor says.

The number of advisors registering with FINRA has fallen since 2016, as more planners elect a fee-only model.

The independent broker-dealers big enough to serve the most financial advisors enjoy advantages but face distinct challenges.

It will be the largest bank channel team at the IBD, with its former clearing house Pershing taking a hit.

The latest roundup of 32 IBD affiliation moves, M&A deals and expert studies reveals the mixed impact of the coronavirus.

Unexpected tailwinds from the global pandemic have made recruitment more efficient and have highlighted advisor-client bonds.

The list shows how firms of all sizes face a pivotal balancing act in seeking to recruit and retain advisors.

Northwestern Mutual’s practices raise difficult questions about the nature of retail advice just as wealth management faces greater scrutiny under new rules.

“The face of our industry is typically not me,” says the Vanguard and DFA veteran. “I thought about how many young people that I could inspire. So I raised my hand.”

“Overall there were not many positive data points to hang your hat on,” according to analysts. Advisor headcount, net interest income and assets were down.

In a sign of long term changes and pivotal questions for the industry, the difference between the amount of fees and commissions in the sector has nearly doubled.

Advisor Antoine Souma, who leads the group, had been with the wirehouse for just four years.

The rep defrauded clients with promises of a “lucrative investment” tied to the popstar that would also “help needy people,” according to regulators.

The survey's perennial champions scored higher than competitors like Wells Fargo, Ameriprise and LPL on every metric.