Practice management

Focusing on “investment in leadership and access to markets,” the IBD aims to support reps and clients of diverse backgrounds, its head recruiter says.

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

Recruiting is up in a year of unprecedented upheaval. What gives?

If the court ends up making this choice, intended family members may lose out — all for want of filling out a one-page form.

Now, with a flood of day traders entering the market, a memorable moniker could be more valuable than ever.

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 executive shuffle at the company continues as Credit Suisse America’s Paula Dominick is hired to replace Mike Roemer as chief compliance officer. It also hired or promoted four line-of-business chief risk officers and an enterprise testing leader.

“I wanted to be able to walk in the door and only be able to answer to one constituency: my clients,” advisor Andy Ferguson says.

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

“Clients have gotten a good scare,” says Dave Welling, CEO of Mercer Advisors.

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

The initiative is intended to help advisors manage increasingly large and complex teams.

“We do not yet know when we’ll return to a more traditional operating model,” a spokeswoman said.

Because of potential tax and compliance implications, they must tell the company if they are working from a location other than their home address.

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.

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

New opportunities and wise practices can maximize the value of your clients’ — or your own — company.

As anxious as they may be to take advantage of the opportunity, there are pitfalls and hidden costs, advisors warn.