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LPL Financial
Filed under: Asset Custodian


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Top Executive: Bill Morrissey
http://www.joinlpl.com
(800) 877-7210
9785 Towne Centre Drive
San Diego, CA

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LPL Financial
filed under: Asset Custodian


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Bill Morrissey epitomizes LPL's ability to grow rapidly.

What Derek Bruton's replacement may say about the departure that still has people shocked

Bill Morrissey is known to grind out quantifiable results
Derek Bruton: It allowed me to step back and look at all I had accomplished to date and where I wanted to go from here.  In the short term, I will be taking some time to prioritize and recharge.

What is the story with Derek Bruton's sudden LPL departure?

The powerful veteran seemed to be in the prime of his career and rising with a long track record of goodwill
Victor Fettter: We believe there's a special sauce that LPL can provide and I don't think there's one size fits all.

Victor Fetter turns his guns on LPL's thorniest software challenge -- 21st century performance reporting

The former Dell guru eschews a best-of-breed strategy as his firm plays a game of catch-up under a big tent
Roger Paradisio: I think model delivery is early enough in its world—it's only been going on for so many years and it's small enough that we can contain it now.

How Envestnet is taking its stranglehold on money-managers-to-IBD reps distribution to a much wider channel base of financial advisors

The Chicago-based giant will use standards, critical mass, manager relations, folio technology and a special MMI blessing to cut costs and hassles in a way that shift the cost paradigm
Matt McGinness long had the power of the pen and now has power, period.

Adam Antoniades names Matt McGinness as his replacement as CEO of First Allied's $4-billion RIA-TAMP to launch new business line

Long an RIA researcher at Cerulli and LPL, McGinness makes a big leap to turn the company's internal corporate RIA into an outward-facing TAMP
LPL advisors will join Mario Andretti and other jet-setters on the French Riviera next week.

LPL is taking its elite RIAs and other top producers to Monte Carlo in out-of-beribboned-box move

The broker-dealer's record first time sign-ups show the European haven strikes a chord with Orlando-weary advisors
Greg Friedman and Neesha Hathi may symbolize how companies like his Junxure and her Schwab are getting close, but not too close.

How big companies stampeded to T3 with big bucks and how it affects the once maverick RIA software show

Broker-dealers, custodians, Salesforce and TAMPs are paid more and played more in Anaheim
Dan Arnold: The advisor today spends roughly 35% to 40% of their time on prospecting for acquiring new assets or working with existing clients.

LPL gets the question from Wall Street analyst: How much more can you squeeze from your financial advisors?

The broker-dealer's CFO pointed to a 65% chunk of time not used to prospect or service clients
Frank Noto: We always felt that it was important to first establish our voice in the advisory community, and gain the editorial credibility with our readership.

RIABiz barges into the webinar business by getting to the crux of the RIA matter

The live discussion will explore why 2014, for many reasons, has never been a better, easier, more secure time to jump into the only model with real growth
 Raymond James recruited Becky Wiles, Terry Wiles, Heather Monzote, Ryan Smith and two hound puppies, Maia and Sky, in December.

The story behind how Raymond James won two big teams from LPL and Wells Fargo in the past couple of weeks

When the mid-sized Florida broker-custodian takes on bigger giants, it plays the little-guy card
Kelley Snook: We got tired of saying no.

LPL's newest two recruits and their $4.3 billion of AUA show why RIAs can no longer call the 403(b) market sleepy

The flourishing market is a giant growth engine for a Troy, Mich.-based RIA that has its sights set on national growth
Matt Enyedi: Anytime we do something at LPL, it's under the lens of how can we do this for RIAs. Five years ago, if we'd rolled this out, it would have been only for LPL corporate firms.

LPL Financial gets beyond the halfway-house model to compete with Schwab, Fidelity for advisors that are wholly RIAs

The big broker-dealer is making moves that do not discriminate against, may in fact favor, pure RIAs, but hybrid habits die hard, skeptics say
Joe Piazza: I won't allow any other firm to own us. We don't need anybody's money.

As Joe Piazza's 'Robertson Stephens' venture gears up for '$40 billion,' he adds Mercer, Addepar, Fidelity and Schwab and subtracts Fortigent

The ex-Goldman Sachs executive draws blood with poaching of rival Presidio Group's Mike Tierney, but his quest for a quick $1-billion of AUM will soon be tested
Larry Deatherage: We could find 500 other participants who would counteract what was said on 'Frontline.'

How an LPL-owned 401(k) afterthought zoomed from $6.5 billion to $10 billion with help from reps -- and thinking big

The former NRP duo demurred overtures three years ago from wirehouses and big competitors and now counts Qualcomm, Petco and In-N-Out burger as clients
Mike Watson: I was appealed to by TD's executive management team.

TD Ameritrade poaches Mike Watson back from LPL to head new unit targeting 100 mega-RIAs

The Omaha, Neb. -based firm move shows its intent to take its foot-in-the-door strategy to the RIA stratosphere
Andrew Ghezzi: The most sensitive issue, hands down, was how to convey trust in an online environment.

A departing NestWise advisor tells what he learned from the whole experience

Andrew Ghezzi's experience with the mass-market, online entity was a pleasant surprise, but it was troubling that he was winning clients largely in proportion to their physical proximity to Boston
Ruth Papazian: LPL was at that stage of really wanting to grow like H.D. Vest is today, and I love to grow things.

Ruth Papazian bursts back on the scene to jolt H.D. Vest out of its accountancy coma

The ex-LPL marketing czar lands at the Dallas firm as marketing and recruiting chief tasked with losing the 'stale' marketing and replenishing an army of low-producing advisors
Darin Pastor: All of my focus and energy is centered around Capstone Financial Group, but the fierce competition that run through me will take another slap shot on the NHL's net.

How Darin Pastor joined LPL, worked some Pepsi magic, and now has an OTC-derived market cap of $350-million-plus

Pastor saw how badly scuffed Wall Street was, so he founded Capstone, installed ex-wirehouse luminaries and is offering the rank-and-file big perks and equity up and down the line
Mark Casady: Before, I was an externally focused CEO, doing acquisitions, focused on getting us public, We weren't as attentive as we could be.

In WSJ article, Mark Casady issues a series of mea culpas and positions LPL as a turnaround story

In the esteemed publication, CEO Mark Casady positions his company and his attitude toward advisors as a turnaround story built on two-hour deadlines
Andrew Gonski: It made us commit to a higher level of asset management and risk management.

LPL bags a big Ameriprise advisor-under-RIA after CFA pursuit 'opened my eyes'

The big IBD will share the relationship with a Boston-based OSJ that uses LPL
Financial advisors tend to scrutinize articles that point the way to the industry's future.

How 10 articles in August define what RIAs care about

From naked fear in the 401(k) realm to ad campaign overhauls in custody world, advisors read up on big picture information defining their business
Esther Stearns:  I remain committed to that mission.

Why exactly LPL Financial nixed NestWise and how OSJs, once again, may be wagging the big dog

The event is eerily similar to BloombergBlack's full stop, one analyst says, but LPL's story has its own twists, it seems
Victor Fetter: I'm not a fan of PowerPoint promises.

LPL flaunts its Dell effect to 3,000 advisors in San Diego at focus13 confab

Newly installed CIO and ex-Dell star Victor Fetter shows he means business at the IBD's annual conference
Rob Bartenstein says wirehouses are better competitors than they're given credit for -- and not the boiler rooms they are reputed to be.

Washington Wealth, now part of the LPL OSJ realm, annexes a $220-million-AUA team in Seattleland

The ex-Wells Fargo team chose the name Kimball Creek to highlight its Northwestern roots -- but it's also a metaphor for the high the stakes their clients face
Sal Zambito: Many times these RIAs are large organizations but they haven't put a true business team together.

LPL Financial tells its faithful in San Diego that a fuller-service, more dependent model will get corporate support

With Philip Palaveev overseeing the project, LPL is working to install more management expertise in the crazy-growth OSJs it both supports and competes with
Mark Casady: These latest distributions underscore how far LPL Financial has come since their initial investment.

As LPL Financial braces for a share sell-off and loss of two directors, a Citi analyst says it'll be good

Hellman & Friedman will shed all of its 12.6 million shares to 'partners' and TPG will reduce holding to 17% of LPL's float
New York brings out the grand-strategy-explaining mood and Dina met Bill Van Law in at this Manhattan hotel lobby to get him to talk LPL.

A few things I learned about the Raymond James RIA effort in an NYC sit-down with Bill Van Law

The St. Petersburg, Fla. company's appraoch to the RIA business will be to do more for bigger RIAs that hunger for fuller custody service
Bill Van Law: We saw advisors who ... left for an RIA model, and that was disturbing. That reinforced that the strategy wasn't going to work going forward unless we created something more competitive.

After 'disturbing' RIA losses at Raymond James, Bill Van Law is going on offense -- starting with hires of veteran LPL and Fidelity execs

The big Florida custodian and broker is finally holding itself accountable to a stiff target -- doubling to $16 billion in two years -- as it buys up expensive talent while cutting prices
Derek Bruton: The sales cycle has lengthened.

At the $50 billion mark, Derek Bruton discusses how LPL's hybrid unit became 'wildly successful' and why Fortigent helps put the $100-billion target closer still

Booming markets have slowed recruiting, but the IBD's RIA custody unit will only get better as it affords itself more and more of Fortigent brainpower
Leonard Palmer allows that not every RBC broker's request to become an RIA under RBC is approved.

What ever became of RBC's RIA custody unit after it showed such promise

Royal Bank of Canada high-ups say RBC Advisor Services still holds importance, but the Cerulli numbers are concerning and some RBC brokers are barred from channel switches
Dan Arnold: Now that our footprint's in place [we're] moving into the third phase of our strategy in 2013.

LPL to Wall Street types: We're in phase three

At a Merrill Lynch forum, the IBD's CFO explains that Phase I was the mass accumulation of advisors and Phase 2 was about RIA-ification
Jeffrey Concepcion: I'd tell you the biggest victory was the vindication and comments from former co-workers.

How Jeffrey Concepcion manned up after FINRA and Lincoln Financial troubles to become an LPL giant

In only four years, his OSJ RIA has $6.2 billion in advised assets and 130 advisors, thanks to a radical cold-calling plan and lower, yes lower, payouts than other OSJs
Jennifer Ingham: The B-D relationship is needed because in the RIA world of investments for corporate retirement plans. many funds still pay some sort of revenue sharing.

Why a $1-billion Fidelity RIA is placing LPL at the heart of its 401(k) business

Ingham Retirement dropped Sentinel Securities for LPL and is also becoming a retirement plan vendor to many LPL reps
Mark Casady: When our same-store sales are up, then recruiting is typically down.

LPL, Raymond James and TD data -- and Walt Bettinger, Mike Durbin comments -- reveal rotten first quarter for breakaways

Mark Casady's explanation is hard to swallow for Danny Sarch, Mindy Diamond; Bettinger inveighs against 'rat trap' of checkbook recruiting; Ryan Shanks says advisors are "numb to the chaos"
Bill Dwyer plans to again work for a company that has the same sense of mission and vision that LPL has had over the years.

Bill Dwyer tells RIAs to advise more -- albeit with heavy use of products -- and tips his hand about his for-profit future

In Philly, the former LPL super-exec talks a very RIA game but seems to hint at FINRA-as-king and getting advisors out of investment advice
With MetLife playing an air game, Cetera was happy to buy up Snoopy's ground game.

Cetera raises its strategic profile to 'baby LPL' status with MetLife deal

The size of the insurance-IBD roll-up has moved it into a realm between boutique and biggie
Darin Pastor: I don't think anybody's going to offer what we have.

Why exactly a $1-billion LPL advisor thinks he's the guy to buy and turn around the Phoenix Coyotes?

Hockey lover Darin Pastor's plan revolves around making Glendale, Ariz. people happy -- and applying managerial smarts that produced serial business successes
Levi McMellian:  These guys had it pounded in their head to never sell UPS and we had to coach them to get more diversified.

Wielding its Texas six-shooter, TD Ameritrade wins a $500-million rep in the Dallas area from LPL

Modeling itself after local juggernaut, Neiman Marcus -- and dissing WalMart of Arkansas, CFO4Life signs on with locally-based Tom Nally
Andy Kalbaugh and Derek Bruton do a takeoff of an ESPN sports show called “Pardon the Interruption.”

LPL shows flashes of its new image at Financial Masters 2013

Mark Casady talked up a more 'personal' approach and Robert Moore suggests an increased focus on the high net worth market
William Hamm Jr. may shift his firm's value proposition.

An LPL super-client hits 'pause' on recruiting after an SEC inquiry and LPL is playing a parental role

Despite the scare, LPL stands by this OSJ and wants to support these explosive growers
Joe Piazza:  I have always felt that I was "interrupted" 10 years ago.

With big LPL backing, the Robertson Stephens brand revives to roll up advisors to the suddenly wealthy

Joe Piazza is taking the once-premium San Francisco investment banking brand and combining with Fortigent to lure brokers to a hybrid platform
Mark Casady: They got the tone and pitch right.

LPL's marketing destiny got reshaped by a dark horse in a dark room

After several days of dog-and-pony shows by LA and NY-type marketing giants, Bernstein-Rein, inventors of the Happy Meal, went last and crushed it
Bill Dwyer is at peace with his decision to leave -- and it was his decision, according to John Hyland.

LPL's Bill Dwyer decides to call it quits and Robert Moore is taking over his duties

The make-it-happen statesman salesman atop a B2B selling scheme cedes control to a Mark Casady favorite
Tim Welsh: If you're not there people say, Why isn't so and so there? It's the missing persons effect.

Postscript: What exactly should we make of the T3 phenomenon?

True, software vendors themselves may be more enthused than advisors, but the conflagration of information-sharing ventures on RIAs' behalf is no footnote
Aaron Klein: I'm hoping that our entire industry will rise up and throw the idea of selling IPOs and derivatives to grandmothers under the bus.

Riskalyze debuts website featuring 'worst' wirehouse portfolios to shock and attract clients

Horror stories abound -- like the 82-year-old widow who has 15% of her holdings in Apple stock and 9% in Facebook
Dan Arnold: I'll reinforce there are no customer-facing roles [that will be cut].

LPL's RIA assets skyrocketed in 2012

Outsourcing is are still on the agenda though the CFO categorically denies advisor-facing jobs will be lost
Esther Stearns: We are not really recruiting advisors in the sense LPL does. We're training them to become good advisors.

NestWise is starting to take shape and take flight under LPL's wing -- and from under Schwab's shadow

The San Fran-based venture, headed by a former Schwabie, is pioneering technology, mass-affluent retainers and choice of labor pool, for starters
Christopher Giles: Folio offers us a competitive platform to grow into.

LPL signs on with FolioDynamix for rebalancing to boost its IBD offering and Fortigent's

The huge independent broker-dealer will wean advisors off its homegrown trading and rebalancing suite and stick with Fortigent for research and performance offerings
Victor Fetter will be the face of LPL's technological skunkworks in North Carolina

LPL poaches top Dell exec to rewire outsourcing and head hundreds in new technology 'town'

Victor Fetter is reporting directly to Mark Casady and will help hire 60 techies in the next 45 days
Robert Moore skipped the sugarcoating: 'It takes an advisor a year or two to ramp from zero to their prior production levels

What five things LPL president Robert Moore told investors that stood out for me

Wall Street reacted well to the hype-free message about germinating recruits and serious cost-cutting plans
John Waldron: We know that LPL is putting things in place so that it can focus on the ultrahigh-net worth market, but we wanted to be with partners who already have those services in place.

$1.2 billion RIA breaks it off with LPL as new beaux Fidelity and Pershing vie ardently for favor

Seeking support for its superrich clients, Waldron Wealth lets the big IBD down easy, retaining its subsidiary, Fortigent
Scott Collins: Some of these large firms found the holes and exploited them.

LPL reaches hard-won agreement to rein in bonuses to big advisors that had proved to be overly generous

OSJs were riding high on incentive systems designed more for solo practices
Mark Casady: This is the first time we've ever lost a large client.

LPL loses a mega-client -- but not to a competitor

The big IBD also confirmed long-whispered rumors that it's begun to offshore some operations
Ross Gerber: We are cultivating a new generation of financial advisors.

19-advisor firm in Santa Monica jumps to LPL with social media-fueled strategy for the underserved under-40 set

Gerber Kawasaki's selection of the big broker down the SoCal road started with a LinkedIn message to Esther Stearns
Dorann Cafaro: We should be worried.

Big chill: Worried RIAs and other 401(k) leaders gather in Chicago in hopes of saving the goose

It's no sacred cow like Social Security and the industry image is laboring because saving rates, returns, hidden fees and enrollment levels are none too great
John Wolff says LPL might be tempted to offer Fortigent research to its retail brokers, diluting the value of a product that his firm "spends a lot of money on," and making it "less of a distinguishing factor."

What Fortigent advisors said in Santa Barbara, and what execs say may be next for the LPL-owned outsourcer

With Andy Putterman, Scott Welch and a big cadre of Fortigent's biggest customers living well together, a picture emerged
Rob Bartenstein: Washington Wealth is not abandoning what we've stood for since our inception.

Seeing a clear path to $3 billion, Washington Wealth hitches its venture to LPL but quietly adds Schwab

The Middleburg, Va., roll-up-like hybrid RIA is switching some horses after its CEO and founder exited and some funding sources dried up
Randy Long: We've talked to them. I've decided I'd just rather go after their clients rather than their advisors.

How a $12 billion RIA grew to $20 billion in less than a year by raiding 401(k) accounts from legacy players

Randy Long boasted that he'd pick off the big boys' clients and came through with the help of a crack team of 12 young turks
Joe Masterson: It's always bugged me that passive investors weren't paying their fair share.

RIAs join move to right a 401(k) wrong: Lopsided plan expenses -- a non-DOL issue

Participants using mutual funds with active management pay for their passively managed brethren; with fiduciary issues being taken for real, this is a problem
Ron Carson: There was a lot more to [acquisitions] than we thought.

Ron Carson launches roll-up/TAMP-like venture with Envestnet, TD Ameritrade and Advizent as puzzle pieces

The biggest of LPL's affiliates shows a walk-before-run approach to inorganic growth
Meg Green: If you ask a question, I'm going to answer.

Sterne Agee makes its RIA custody debut after customizing for Meg Green's $650-million RIA

It started as 25 people with notepads and Southern accents surrounding the Royal Alliance-using Miami--based advisor principals
Winnie Sun: We have doubled the size of our staff and published iPhone and iPad apps for our clients, and we will be starting to post YouTube videos.

LPL showcases some successful, ambitious advisors as the FOCUS 2012 conference wraps up

'King of the world' James Cameron was on hand to talk about the risk of not taking risks and an ex-IMF economist confirmed that there are plenty to go around
Nathan Sonnenberg is the first member of the Fortigent executive suite to depart since the firm was bought by LPL five months ago.

Two top Fortigent talents leave in the same week as industry-watchers ask: Was it them or was it LPL?

The LPL-owned investments outsourcer may not replace CIO Nathan Sonnenberg and alternative investments director Robert Mileff
Paul Lutz: [LPL's] gotten so large they have a difficult time keeping support staff.

Not everyone has to make rain: Mariner brings over former LPL advisor who'd rather stay indoors and give advice

HSMC Wealth Management and its $40 million in assets is one of Mariner's smaller acquisitions of late as it looks to make smart, strategic buys
Derek Bruton (l.) and his colleagues (Andy Kalbaugh on r.) have implemented home office “Private Briefings” focusing on clients with over $10 million in investable assets.

LPL kicks off FOCUS 2012 talking about service for UHNW investors

The big broker-dealer also talks about big 401(k) plans and offers a couple of details about Fortigent
DeLynn Zell: We thought about Schwab but we still needed a broker-dealer affiliation.

LPL vacuums up yet another $1-billion cluster of mostly RIA assets Alabama-style

With many parallels to its $2-billion AFG win a couple weeks ago, LPL hoovers Lincoln and Ameriprise reps -- and a HNW RIA -- in one big go
Bryan Chew (l.) with his team: I felt there wasn't anyone I could turn to at LPL.

Commonwealth racks up a $100 million LPL team by using its broker-dealer's greater size against it

The Waltham, Mass.--based IBD believes this is LPL's soft underbelly because small-and -familial is why many advisors joined the old Linsco/Private Ledger from wirehouses in the first place
Joe Russo: We needed to get our minds around the changing state of affairs.

What LPL's recruitment of a $2-billion beehive of NPC advisors says about its new sweet spot in the industry

Joe Russo's choice reframes LPL's identity from a conventional IBD to a central bureau that can serve the regional advisor-servicing companies in a growing number of instances
Debra Taylor:  None of my clients has balked at it. If a manager doesn't perform, they will be fired.

LPL Financial sees explosive asset growth of model portfolios by linking BlackRock and J.P. Morgan-level brand names to the little guy

The big IBD saw a 72% jump in assets for its Model Wealth Portfolios platform to near $9 billion after lowering account minimums to $25,000 from $100,000
Kent Smetters: One of the pain points of a TAMP is that it takes so long to put together a plan.

LPL Financial rolls up an unusual RIA to use as a cornerstone of its TAMP-like mass-market venture

The big broker-dealer is buying Veritat Advisors, renaming it NestWise, and using a Wharton professor's technology to crack the case of managing multi-hundred-client practices
Mathew Goldberg: They didn't care.

JPMorgan breakaways make Page One of the New York Times after $9-billion loss puts spotlight on Dimon's bank

It's a familiar story of pushing proprietary product and advisors not going for it -- but under a sterling brand
Drew Nordlicht: We spent more of our time explaining the trust aspect of the firm.

Luring a $330 million team away from UBS, HighTower opens first San Diego office

After five years at Smith Barney, HighTower convinces the team to complete second big move in five years
Charles Shapiro: We're not trying to cannibalize LPL's business ... We're trying to build a great hybrid model.

Three MSSB brokers gravitate to a $4.5 billion LPL hybrid with a hefty RIA platform -- and a sub-channel appears to be nearing critical mass

Ohio-based Stratos offers cozy and profitable setup that stands between the biggest IBD and the advisors who ultimately consume its services
Dan Arnold is the new LPL CFO but he's also the guy charged with charting the future course for his company

What LPL's pick of a new CFO says about how strategic -- and RIA oriented -- the company plans to be

Dan Arnold is not a central-casting pick, but the company is betting he is the guy who can find the judicious RIA-brokerage mix
Frank Troise: There's exceptional demand. We just don't have enough advisors on the platform.

How one firm is supposedly cracking the lead generation code to the tune of 50,000 advisors supplied -- by, for now, not trying to create referrals

Investor Watchdog, FreeRetirementReport and Vestorly are among the firms seeing growth but are grappling with vetting issues -- of both advisors and clients
Jason Roberts: The broker wants to make sure the advisor isn't taking the clients to lunch.

Why brokers from Nationwide, LPL, Merrill Lynch and others are giving RIAs a cut of their 401(k) action

RIAs and brokers alike are wary of the fox-in-hen-house effect but DOL is creating strange bedfellows
Sallie Larsen: It's critical in shaping our culture.

LPL Financial hires a hiring, retention and culture czar

Sallie Larsen will report directly to Mark Casady in her role as chief human capital officer
Mark Casady is taking his most proven talent and giving her a challenge with a potentially momentous payoff.

LPL cannibalizes executive talent and launches mass-market entity

If anyone can crack the uncrackable low-end market, it's Esther Stearns, analysts and headhunters say
Brad Griswold: Many of the changes were beneficial to the [LPL] advisors as a whole, but did not offer as much value to our practice.

Why an 18-year LPL rep moved most of his firm's $250 million of assets to Schwab

Brad Griswold had a fondness for Schwab from using PortfolioCenter and is determined to remove all obstacles to growth, profitability and offering choice to clients
Bill Dwyer gave a high-energy speech predicting 500% asset growth among independents as 401(k)s roll over.

What went down at Barron's Top Independent Advisors Summit in the Arizona desert

Many of the biggest and best RIA stars showed up and put Bernie Clark, Mike Durbin, Tom Nally, Mark Tibergien, Bill Dwyer, Charles Goldman and Barnaby Grist in one room
Joan Khoury: We have flexibility of delivering advice to a broader range of investors.

LPL lures top execs away from Merrill Lynch, MSSB

Such defections from the wirehouse world to the IBD arena would not have happened even 10 years ago, recruiters say
William Hamm: We have an enticing story.

Amping up recruiting efforts, giant LPL firm grew its revenue by 300% in 2011

Independent Financial Partners has gotten so big that it's taking a bite out of LPL's business -- and LPL doesn't seem to mind
Robert Moore: We like transparency.

LPL sees bright spots amid sideways 4Q earnings report

The firm is buoyed by increase in advisors, a perceived edge in the 401(k) segment and interest generated by the Fortigent deal
Michelle Smith is looking for ways to handle growth.

Dynasty Financial and Black Diamond combine to pick off a big family office helmed by women

Alexandra & James Wealth Management uses the duo to replace Fortigent as it nears $1 billion of AUA
Chip Roame: They can offer a traditional payout of 40% or so and pay for personnel, rent, technolog or they can pay a higher payout.

Wirehouses will create their own independent models, Tiburon report says

WIll 2012 be the year that wirehouse 'halfway houses' catch fire?
Shirl Penney and Todd Thomson: The reason to [go independent] is that you want to build equity in something that's yours."

The top 10 people to watch in the RIA business in 2012, Part 2

Keeping an eye on those gaining the most ground in the fleet-footed RIA industry
Andy Putterman: It couldn't be any more offensive.

LPL makes big advance into the RIA business with Fortigent acquisition

The kingpin of product-based mass affluent advice now has a major beachhead with high-net-worth investors
John Hyland: If you compare that to LPL itself, that's a more competitive comprehensive structure.

How LPL's biggest branch office added $3.5 billion this year by beating LPL itself with a key service

Private Advisor Group brought 22 compliance-minded advisors onboard this month alone to its RIA -- all with the blessing and help of its big IBD partner
Is LPL chairman and CEO Mark Casady looking to add a jewel to the the mammoth B-D's crown?

LPL and Fortigent may be cooking up a merger, sources say

A strategic alliance could give LPL access to VIP RIAs and make Fortigent's highly customized offerings more profitable
Catie Tobin: RBC intends to double its RIA assets from $10 billion to $20 billion by 2015.

A peek inside the rising RIA custodians fighting to overtake the Big Four

RBC, LPL, TCoA, Scottrade and National Advisors Trust are all pushing to gain the critical mass to get past also-ran status
Frank Reilly: San Diego is not New York, San Francisco or even L.A., so you have to look outside the box.

Saudi Arabia-fueled RIA adds an academic to its oil-rich mix

Reilly Financial Advisors has a longstanding pipeline to Saudi Arabia and now has a Yale Ph.D. on board as its chief economist
Randy Long: I'll be calling all of their clients.

The head of a $12 billion RIA spars with UBS and LPL execs on the great fiduciary debate

Retirement-plan leaders grapple with different degrees of fiduciary and how best to address advisors and clients
Joseph Bonasera: The fact that Commonwealth allows its advisors to act as a fiduciary is critical to our business.

Commonwealth edges out LPL to nab the $1.2 billion retirement firm just down the road

Summit Financial wanted greater pension expertise
TD Ameritrade Institutional is moving staff into this San Diego building as part of its growth

What's happening at RIABiz this week and why it matters

We've got our eye on TD Ameritrade's growth, do-it-yourself hedge fund analytics and two elite conferences starting Wednesday
Jeff McClure: I still only have half the net income I had as a broker-rep, but it is a very reliable and consistent income.

Two Texans talk turkey about moving from an IBD model to an RIA model

Jeff McClure was able to bring Sean Kernan closer to his way of thinking by letting him in on his experiences
Dan Arnold impressed his bosses with his recent performance.

LPL Financial names a strategy czar

The big IBD puts Dan Arnold into the newly created position
Ed Gjertsen: It's the microwave generation.

Trust Company of America is giving RIAs more weapons for free-wheeling

New technology puts advisors and clients literally on the same virtual page
David Darnell spent time today letting Merrill Lynch brokers know that he's a banker sympathetic to generous brokerage compensation.

David Darnell tells Merrill Lynch advisors he won't mess with their pay

But recruiters say all comp factors don't necessarily show up on the official payout grid
Chuck Olsen: Our decision was made before the Ladenburg purchase was even announced.

Three more major firms decamp from troubled Securities America to Commonwealth

The embattled Omaha IBD did not go down without a fight and it may be effectively slowing further losses with retention bonuses
Bernie Clark: We win a disproportionate share of business.

Schwab Advisor Services is nearing $800 billion of RIA assets but analysts are split over whether it can continue to dominate

Fidelity keeps flexing its muscles as Schwab raises its hybrid-friendly profile, reaches out to IBDs and rolls out an ambitious vendor platform
Gene Goldman: I had butterflies in my stomach because I was so excited about the opportunity to work here.

Commonwealth, Cetera and The ETF Store take notable actions

Commonwealth replaces Fidelity technology; Cetera snags Gene Goldman; an LPL vet, and upstart ETF Store takes another page out of Adam Bold's book
Mark Casady and other LPL execs were front and center at the exhibit hall available to talk to advisors.

Six important things I learned about LPL at its focus11 conference in Chicago

Amid market madness, LPL announced that it had a rollover plan, gave its blessing to advisors starting their own RIAs and much more.
LPL has taken over McCormick Place in Chicago

LPL keeps advisors abreast of careening markets at focus11 conference

Responding to a crisis situation, LPL adds computers, televisions and market updates to the mix
Bill Dwyer: We decided you were right.

What's behind LPL's decision to slash its ticket charges for advisors

The IBD is in a generous mood as it also pays dues to FSI on behalf of thousands
Watson is expected to help achieve the company's goal of establishing increased personal contact with advisors

LPL lures a TD Ameritrade talent across the San Diego street

Mike Watson will bring his practice-management expertise to 1,400 LPL reps
Bill Dwyer: They probably just wore us down. The press just asked for more and more access.

LPL opens focus11 to reporters for first time - with provisos

With the big IBD's business mix tilting more toward RIA custody, more open media policies seem to have followed
John Smallwood: We knew we made the wrong decision but that was July 2008 and the world blew up and we were stuck.

Three advisors tell why they fled Securities America for Commonwealth

Scandal soured the advisors on the Securities America and set them on a search for a firm with a compatible culture
Larry Roth: We're attracting more interest and more advisors [than at any time] since I've been in the business. It's not luck. It is our size, scale and platform.

Larry Roth has AIG playing offense again in the advisor game

The CEO is looking for big acqusitions and ways to compete for big RIAs
Ron Carson is getting information to clients faster: 'Now we have our own compliance process.'

Ron Carson quickly sees benefits of converting his practice to an RIA

Positive client feedback centers around faster flow of information under new compliance arrangement
Dave Welling may play a pivotal role in whether Advent's Black Diamond acquisition makes the combined entity more like the Google or Microsoft of portfolio management systems.

Five recent articles that show the RIA business just keeps hitting milestones

Advent buys Black Diamond, Carson goes RIA, Duran champions consolidation, Schwab goes full-out into franchises, Brightscope grades RIAs
Bruce Levitus is betting that a $2 million first-year hit will pay off in gains longer term.

AIG's Advisor Group introduces a 100%-payout for big RIAs as part of a massive revamp of its fee-based platform

The company is seeking to address the issue of having 65% of its advisors still managing assets themselves rather than using managers
Jon Eaton: We think there’s much more than a niche; we think we have a better solution.

LPL Financial confirms that Akellian hire means big plans for its clearing services

The firm is eying fellow IBDs as customers and it aims to gain footing with Pershing and NFS
Ruth Papazian held top marketing positions at many of the industry's big-name firms.

LPL's chief marketing officer departs

Ruth Papazian made her mark in four years
David Akellian was the boss of Derek Bruton (pictured here) at Merrill Lynch's Broadcort and the two will work under the same corporate roof again.

LPL brings aboard a godfather of clearing business

David Akellian left his position as RIA chief of Stifel Nicolas yesterday and is jumping to the IBD giant to diversify its business model
John Moninger: We think we’ve struck a great balance.

LPL has a new high-margin, high accolade advisory platform but SAM's sticking around

Under Model Wealth Portfolios, the advisor stops picking investments, but they still pick strategies.
Barnaby Grist: We’re starting with large advisors and there’s quite a wait list.

Cetera spends millions on rebalancing software to make its reps more RIA-like

Automation of investment management using Folio Dynamix follows Advent implementation
Ron Carson is training -- and recruiting -- out in the Arizona desert.

Eavesdropping: Ron Carson gets an electric reception at his PEAK event, and calms the waters surrounding his new RIA

A peek inside the Excell conference
Success for Ron Carson (far left) is measured in summits, both of the mountaintop variety and billions of AUM. LPL's soon-to-be mega-RIA principal is photographed here on Mt. Ranier south of Seattle.

Why exactly is Ron Carson forming an RIA and why is it happening now?

LPL still works as a custodian for his $3-billion practice, but the lack of custodial flexibility was hurting his plan to bring on scores of new partner firms
Ron Carson: We want to continue to stay ahead of the competition and this required a move to our own RIA.

LPL's biggest rep, Ron Carson, will convert his firm to an independent RIA

The big IBD is staying in the picture but Carson is also forming its own broker-dealer; Schwab, TD Ameritrade get assets
Bernie Clark: Why would you claim the middle ground of being a quasi-employee (at an IBD) with a lesser brand name?

Virtually all big IBD reps covet the independent RIA life, Schwab study says

Schwab's Bernie Clark and TD's Tom Nally see IBD reps undergoing a palpable mood switch, but Fidelity's Mike Durbin and Pershing's Mark Tibergien are unconvinced
Monument Wealth Management designed its office around its 200-square-foot Planning Room, where partners use custom-made glass panels to offer clients a free, detailed look at their finances.

Advisor Spotlight: Monument Wealth Management shows that A-plus office space isn't just for ad agencies and law firms

The former Merrill brokers moved to a bedroom community but kept the urban chic
Wayne Bloom knows first-hand that his advisors are being courted by other firms.  “I even had an RIA try to recruit me."

Commonwealth raises payouts for big advisors and slashes trading commissions

The IBD is competing with LPL, holding ground against RIAs and flexing its muscles, analysts say
Ben Marks: It would defeat the purpose of the hybrid model if we were to custody with other brokers.

How LPL lured advisors from Raymond James, UBS and Ameriprise to its hybrid RIA platform

The big IBD is rapidly growing an RIA custody unit with advisors who want to do fee business in a brokerage environment
John Moninger: It’s about growing the overall wallet.

An inside look at why LPL Financial is leading the charge with fee-based variable annuities

Sun Life and Harbor Lights Financial among those reporting the program's early success
Bob Oros: These people were working big-box brands.

Trust Company of America's hiring blitz nets a veteran sales team

In five months, Bob Oros has poached away talent from Schwab, LPL Financial and New York Life
Bill Dwyer: One of the reasons we’ve had this growth is that we’re a melting pot of advisors from different channels.

What LPL's Bill Dwyer had to say about recruitment, and pressure from custodians

All eyes are on the biggest IBD -- which can be a good or bad thing for it
Sharon Daniels: With the various branches at Banyan, this will give us immediate opportunities to meet personally with more of our clients.

In a triple merger, fast-growing Florida RIA scoops up an LPL advisor and a fellow asset manager to double firm size

More deals involving IBD advisors on the horizon as shift to fees makes combinations possible
Paul Reilly: This acquisition reflects Raymond James’ growth strategy as we expand our already significant capital markets reach while adding to our strong private client presence in some key markets.

Raymond James adds 20 advisors, and their $1.9B of assets, as part of investment banking purchase

The Florida broker-dealer sees promise bringing Howe Barnes Hoefer & Arnett clients onto its wealth management platform
Adam Antonaides: It’s a compentency that broker-dealers are going to have to deliver.

First Allied, LPL aim to sell customized 401(k) plans for the small business market

Adam Antoniades sees 'giant asset-gathering mechanism' building from investments in ERISA talent
Charles Roame:  I think that the point is to make a partial public offering, frankly a minority one, create a public capital value and allow the firm to use additional stock to make acquisitions.

What to make of LPL nearing a successful -- but scaled back -- IPO

It made concessions on price but gaining a public valuation may be mission accomplished for now
Ben Marks: We had many clients ask us, once the market downturn took place, why we were still at UBS?

How a UBS skull session was complicit in showing this advisor the path to independence

The final straw: clients openly asked why he was still with a wirehouse
Daylian Cain: Disclosure is like a sugar pill. If it somehow relaxes us, than it does real harm.

What we all feared: 'Better' disclosure yields worse results, according to Yale professor's study

At an exclusive think-tank style conference on the Potomac, industry leaders heard the psychology behind investors' rosy view of the world.
Pat Allen: From the bottom up and from the top down, wirehouses and broker-dealers are working toward enabling advisors to participate online.

What three highly wired financial advisors have to teach us about social media

Blogs may be the most influential -- and most forgotten -- form of social media
Barnaby Grist: If you fit into the LPL box, that’s a great place to be, but if you like to do things your own way, you probably want to go to an environment that’s more customized to your needs.

Cetera Financial shores up its technology as it prepares to take on LPL for big hybrid RIAs

The face-lift of the old ING broker-dealers is starting with a big investment in Advent Software
Mark Tibergien: To advisors, broker-dealers are the Soviet Union and FINRA is the KGB.

Why advisors see FINRA as the devil

A conversation with Richard Brueckner and Mark Tibergien lends perspective to this widely held view by RIAs of the b/d regulator
The new working relationship of Vere Reynolds-Hale and Matt McGinness was helped by trust and San Diego connections

Former LPL execs reunite to compete for big hybrid RIAs -- this time with a smaller IBD

Matt McGinness joins Reynolds-Hale at First Allied and the two men plan to move quickly to execute plans
Dan Seivert: Several factors that may pave the way for LPL to turn public.

10 reasons why LPL Financial could pull off a hot IPO in a cold market

The big IBD touts its big size, big growth and big recruiting opportunity in SEC filing
The breakaway team held conference calls with LPL in David Armstrong's car.

Two years later, a Merrill Lynch breakaway team has no regrets

No one took a pay cut, no one is answering to a manager anymore, and there's never a question about buying a stapler
Rich Arzaga: Employees probably hate change, and might view you as Satan for driving the bus that leads them to hell.

How I survived switching custodians twice in one year, and how you can, too

A new home more to your liking lies at the end of the road, but it can be a bumpy journey
Red Goldstein: All we have ever known in the financial business is folks leaving one wirehouse to go to another wirehouse.

This Merrill Lynch team leader broke away for fear of what might happen under Bank of America

Red Goldstein loved Merrill Lynch but he deemed any chance of increased restrictions too risky to his business model
John Peluso: He leads a network that offers a middle way when it comes to independence.

Wells Fargo emerges as independent channel competitor

Third-largest wirehouse had a banner year in 2009, in space inhabited by LPL, Raymond James
Legislators haven't been under this much pressure to reform financial services since after the Great Depression.

Regulatory Wire: Everything an RIA needs to know about the reform agenda in Washington

If major change doesn't occur, it won't be for lack of effort
Christopher Dean, managing director of Summit Partners in Boston, invested VC money in RIAs

10 things that show the RIA movement is really heating up in 2010: Part I

Observers need a scorecard to keep track of all the advances that RIAs are making
James Poer: NFP Securities has undergone a vast evolution and now aims to serve a broader market.

With Schwab [and maybe Fidelity] as custody partners, NFP is positioned to make a run at the hybrid market

If NFP IndeSuite catches on, the success could make up for some struggles on the roll-up side of the business
Charles Huebner: You can see it in their eyes. They say: You can tell what it is like to take the risk.

Two senior UBS brokers pass on retirement to pursue aggressive breakaway plan

Huebner and Jagger are winding up, not down with multi-faceted growth strategy
Arthur Tambaro: It validates all the work we have done and the technology we continue to develop

How Royal Alliance won a big-time RIA after a string of losses

Rehmann Financial loves the AIG subsidiary's alliance with Pershing
George Tamer let it be known that technology without a dedicated effort by the financial advisor won't yield great results

The T3 conference hit its stride Friday with key speeches and a hum of activity

An IBM big wig cleared up some issues surrounding 'cloud' computing
Bernie Clark: We will be spending a great deal of money

Schwab is a big custodian with plans to step it up in 2010

Bernie Clark will have a juggling act of keeping service top notch and shoring up the hybrid offering
Joel Bruckenstein says it was the final straw when his speech at a big industry conference got bumped into nighttime.

The T3 conference has a rebellious air and the makings of success

Bruckenstein and Drucker channeled their frustration about industry conferences into creating a tech mecca for RIAs
Derek Bruton's hybrid RIA platform receives an endorsement from an unlikely source: Morgan Stanley

Top 10 findings of Morgan Stanley report include: Schwab as the best RIA custodian, LPL for highest advisor satisfaction

Wall Street's endorsement of the RIA model is a sign of the times in the industry, analysts note
Brooke Southall: The Custody Project has grown to do justice to the scope and quality of the material it covers

Asset Custody Project rolls forward

The scope of the RIABiz plan for 2009 recaps and 2010 outlooks of RIA custodians took on a life of its own
Terry Reitan called Trust Company of America a well-kept secret when he came aboard four years ago.

CEO Terry Reitan retires from Trust Company of America

Former Fiserv ISS chief presided over four years of stunning growth
Patrick J. Burns: I'm not sure the SEC or FINRA has the stomach for a return to the days of heavy litigation.

Broker protocol may be endangered by complexities as membership starts to explode

Merrill Lynch, LPL and Ameriprise create addendums to once-sacred truce; they may spark an unfavorable trend
Derek Bruton is now in charge of LPL's hybrid business after years of RIA experience with Merrill Lynch, TD Ameritrade and Schwab

LPL's hybrid RIA platform is fast off the mark and names new leaders for 2010

The giant IBD has already surpassed Raymond James' RIA assets but Derek Bruton plans to build on momentum
Bernie Clark: We’ll continue to build the connectivity that will make it better

A giant is awakening in the hybrid RIA market

Schwab vows to spend big in 2010 and 2011 on better connections to IBDs
Hybrid tomatoes have their advantages and so do hybrid RIAs

5 Reasons why the hybrid RIA model may be a bigger deal than ever

Someday all advisors could be hybrid-like under FINRA
Expect to hear more in 2010 from Mike Durbin, who leads Fidelity's fast-growing RIA custody unit

Percolating: RIA custody roundup for 2010

New faces, new programs, new technology and new assets
John Furey: Top advisors only engage professionals referred within their networks

Deal killers for almost-breakaway brokers

How to break the dam of 60,000 wirehouse employees
Like Tom Turkey, many RIAs were thankful to survive 2009

Taking A Break From the Turkey?

RIABiz's top 10 stories from the past month offer a window into what RIAs care about
Doug Swope: There’s no independence per se [at a wirehouse]. You’re [restricted] by the [inventory of] products.

Independent-within-Smith Barney breaks away after hitting wall

Former Smith Barney peers light fuse for Swope independence
Tom Ruggie: "Some things I’ve been pleased with and some things I’ve been disappointed with but both [Raymond James and LPL] are bending over backward to [help] and keep the business.”

Why Raymond James is getting an LPL advisor's wealthiest new clients

Tom Ruggie started a new RIA but kept his LPL practice intact
Patrick Sullivan has brought 80 fellow advisors under his firm's compliance umbrella

LPL Financial wins more breakaway brokers by sacrificing a revenue stream

Morristown Financial Group finds lucrative niche by taking over some supervisory duties from fellow brokers
Bernie Clark: Team liftouts have contagious effect

Top 10 things I learned at Schwab IMPACT about the smoldering breakaway movement

Wirehouses do little to resist leakage of talent
Barnaby Grist: Big brokerage teams came out of hibernation

Breakaway broker signings rocket ahead in July

Big mood shift has brokers seeking the dotted line to become RIAs as stock market rebounds

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