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Content tagged "Commonwealth Financial Network"



Lance Nelson:  It got to be that we were making two calls on every case to make sure we had the same story.

Why it took 13 years and one bad Beverly Hills moment for a $92-million AUA advisor to leave LPL for Commonwealth
As smaller IBDs struggle for ground against the giants, they need to first demonstrate their tenacity on the sales gridiron

Monday 11.3.14
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

Monday 4.21.14
Patrick Sheppard: Getting back into the retail world and getting back into the high-net worth world was more fulfilling than dealing with institutions on a global basis.

Why a $500-million RIA Rt. 495 start-up hired a no-book ex-BNY Mellon Asset Management CFO
Patrick Sheppard is ready for the hands-on life and New England Investment and Retirement is looking for a steady executive hand

Friday 4.11.14
Wayne Bloom: If we have an advisor who wants to be part of the community and values what we bring to the table, I could care less how they are registered.

Commonwealth and Securities America get into the RIA custody business and Wells Fargo is right behind them
IBD execs are pulling out the stops to court a finite pool of advisors in motion

Wednesday 6.12.13
David Lo: Firms struggling with the key best practices identified in the study are also paying the highest retention and signing bonuses.

J.D. Power and Associates hints strongly at wirehouse deficiencies as it puts Commonwealth Financial and Raymond James on a pedestal
The two firms ranked one and two for independent advisor satisfaction among financial investment firms; Schwab is third in the employee-advisor category

Thursday 3.29.12
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

Wednesday 10.19.11
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

Friday 9.9.11
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

Monday 8.22.11
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

Wednesday 8.3.11
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

Thursday 6.9.11
Darren Tedesco: We said: let’s pay a little more and get exactly what we want and control our own destiny.

Commonwealth's revamp of technology includes subtracting Advent
The big IBD wasn't impressed with the value presented by third-party performance reporting companies

Wednesday 6.1.11
Joe Duran:  "I think it’s exactly like the travel agency. These one-man shops think things aren’t changing. They don’t realize it until it’s too late.”

Why Joe Duran believes that classic RIA firms face extinction
Baby Boomers' expectations and rising technology could put a new squeeze on the old model

Tuesday 5.17.11
Richard Prout: We found TD to be really interested in the growth of our firm, and they put together an economic package that was superior to the Schwab package.

TD Ameritrade uses greater financial incentives to attract custody clients
Breakaways say they appreciate the economic boost and that it makes them feel welcome

Monday 4.18.11
Tom Nally: It was a small network of folks and it was referrals; they’ll tell you who their friends are.

TD Ameritrade makes a clean sweep of five IBD reps in New England with about $1 billion of combined AUM
The five big Commonwealth advisors had some knowledge of each other but made their own decisions

Monday 4.18.11
Mike McNamara: The numbers were staggering.

How Mike McNamara became a TD Ameritrade RIA and pruned his book in one move
The former Commonwealth advisor also had goals related to succession, compliance and a bigger bottom line

Thursday 4.7.11
Barnaby Grist: "We’re big enough where we can spend a lot of money. We’re ready to show the world. We want them to come look at us."

Cetera's big fee move with a game-changing twist
Barnaby Grist has been laying the groundwork for the incentives change for a year

Friday 3.18.11
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

Monday 3.14.11
Eric Schwartz: The SEC and FINRA obviously didn’t ask the right questions when they were in Madoff’s office. So, there’s a much higher burden (now) and they don’t go by the same cook book.

Cambridge, Commonwealth see reverse breakaways due to compliance fears
Some IBDs are morphing into Super RIAs that make money by charging for oversight of fee-based assets

Monday 3.7.11
Jim Warren: I promised Art [Tambaro] I would seek out reasons to stay as opposed to reasons for leaving

Why a Royal Alliance champion gave up the cause after AIG made changes
Jim Warren made personal pleas to Art Tambaro but a small IBD nabbed his RIA

Monday 12.7.09
Thomas McGuirk: I didn't like the person I was during those three months

The number one obstacle to completing a clean breakaway from a wirehouse
Leading a double life is not for the faint of heart

Monday 10.5.09




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Tom Bradley: I think the average fee is 90 basis points roughly and we don't intend to change that.
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James Osborne: I'm not management material.
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James Osborne makes a waiting list part of his new RIA's business model after 18 months -- with client care and mountain biking in mind

Alexey Sokolin:  If Stein and Bo Lu of Future Advisor are right, there will not be much left to unbundle.
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