Independent BDs

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.

The independent broker-dealer got into hot water over unsuitable fund sales, according to FINRA.

Joining a branch can provide the benefit of a built-in continuity or succession plan, in addition to the many economies of scale afforded by sharing overhead and resources.

A group of former Morgan Stanley directors is hoping their new start-up will let them capitalize on the industry’s aging demographics.

Activities unfolding within 3 separate industry rulemakers -- the SEC, FINRA and the Labor Department -- suggest changes ahead for both brokers and advisors.

LPL Financial broke out of its recruiting slump in the third quarter, adding 154 net new advisors, nearly five times as many as the previous quarter.

Lawmakers are set to begin debate today on a bill that would delay, perhaps indefinitely, a proposal by the Department of Labor to impose a fiduciary standard on advisors to retirement plans.

The board voted Thursday to adopt two attestation standards pertaining to audits of brokers and dealers, along with an auditing standard for broker-dealer audits.

Advisor network Northstar Wealth Partners added two new advisors managing a combined $800 million in client assets with the help of its independent broker-dealer.

The tax-focused independent broker-dealer has added two new executives to its management ranks.

A pair of the country’s largest independent broker-dealers are the first firms to get the new recognition.