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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"

Author Lisa Shidler April 26, 2013 at 5:17 PM
4 Comments
no description available
Mark Casady: When our same-store sales are up, then recruiting is typically down.

Breakaway Stories


Stephen Winks

Stephen Winks

April 26, 2013 — 7:52 PM

Could the slowing down in recruiting have anything to do with there is little actual custodial and IB/D support for advisory services for brokers who wish to become advisors. If so, why go to wirehouse lite, when wirehouses don’t support advice either. And wirehouses write BIG checks for success.

The industry is starving for advisory services leadership that is unambiguous in supporting brokers and advisors being accountable for their recommendations and their associated ongoing fiduciary responsibilities for every thing they have ever sold and all client holdings including inherited assets. Simply acknowledging fiduciary standing and having the ability to prove one is acting in the consumer’s best interest, will restore honor and integrity which in turn restores the trust and confidence of the investing public.

There is a leadership vacuum the SEC is trying to resolve, which when filled will determine the winner of the recruiting wars..

SCW

Jeff Spears

Jeff Spears

April 26, 2013 — 10:06 PM

The recruiting environment does feel bad.
When I feel this way it usually signals a bottom.
Last time I had this feeling was March 9, 2009….:)
Have a great weekend

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Mentioned in this article:

LPL Financial
RIA-Friendly Broker-Dealer, RIA Welcoming Breakaways, Advisory Firm
Top Executive: Dan Arnold

Raymond James Financial Inc.
Asset Custodian
Top Executive: Bill Van Law

Finetooth Consulting
Consulting Firm
Top Executive: Ryan Shanks

Diamond Consultants
Recruiter
Top Executive: Mindy Diamond

Private Advisor Group
Specialized Breakaway Service, RIA-Friendly Broker-Dealer, RIA Serving Other RIAs
Top Executive: RJ Moore, Chief Executive Officer

FA Match
Consulting Firm, Specialized Breakaway Service, Recruiter
Top Executive: Ryan Shanks



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