Independent BDs

Commonwealth scores $500M former LPL firm, while LPL takes $270M practice from Commonwealth.

As waves of baby boomers head into retirement, state and federal regulators expect to take a hard look at the programs firms have in place to ensure they are selling elderly investors appropriate financial instruments.

RCS Capital has made the right moves thus far, the Pershing Advisor Solutions chief says, and the spending spree will likely continue.

If the graying financial services industry is to replenish the ranks of retiring advisors and brokers, firms and trade groups must take a more active role in promoting the field to millennials, says Pershing's Mark Tibergien.

As the Financial Services Institute marks its tenth anniversary, the trade group is focused on expanding its advisor membership and ramping up its advocacy on legislation and regulation at the state level.

Dynasty Financial Partners has hired Ronald Sallet as senior vice president of network development, making good on its promise to boost business development in 2014.

Assets managed by dually registered advisors are growing faster than any other channel -- underscoring the industry's "slow but steady migration" toward independent models, according to new research from Cerulli.

The principles that served him well in selling Paine Webber to UBS, Donald Marron says, helped him pull the trigger to sell Cetera.

RCAP buys J.P. Turner for $27 million; Schorsch is calling IBDs, large and small, in search of deals, says Cambridge's Schwartz.

Northwestern Mutual is fishing for talent -- and it's using 6,400 hooks.

On the heels of a companywide rebrand, some advisors think 'Here we go again'; others are happy with the change.

RCS Capital moved to become the nation's second-largest independent broker-dealer by advisor count on Thursday by agreeing to purchase Cetera Financial Group for $1.15 billion in cash.

As the cost of recruiting new advisors has soared, says CEO Erica McGinnis, such small-scale growth has become more difficult -- and more expensive.

An advisory group in Winter Park, Fla. with $550 million in client assets leaves Morgan Stanley to go independent.

Granite Financial says it hopes moving to the IBD will power growth.

The pair, who managed more than $146 million in client assets, joined Raymond James with a practice named Stonegate Financial.

The portfolio management tool has been a key selling point as the rapidly growing tax-focused independent broker-dealer continues to attract tax specialists to its network of nearly 5,000 advisors.

LPL Financial is promoting one of its own. Bill Chetney is slated to become president of LPL Retirement Partners, where he currently serves as executive vice president.

The New York-based platform outsourcer and service provider for large wealth management firms is beefing up its business development team, vowing to become much more aggressive in going after new clients.

A big LPL practice with $3.7 billion in assets under management is picking up a $300 million Chicago-area firm.