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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
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..


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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June 26, 2014 — 6:50 AM

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Related Moves

April 2, 2024 at 1:28 AM

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The 84 year-old founder's elevation of his 61-year-old protege may foretell bigger fireworks from Rick Wurster who recently took over many of Bettinger's CEO duties, one executive recruiter says.

July 30, 2022 at 12:41 AM

Fidelity Investments loses Kathleen Murphy who largely caught up Fido to Schwab (near $4T) on the retail side by reversing net promoter scores

The 'no whining allowed' leader of the Boston giant's retail business, who oversaw $2 trillion in net new assets, was ready to exit but hung in through a year dominated by COVID-19 challenges

January 23, 2021 at 2:02 AM

Fidelity Institutional looks like a big TAMP after Mike Durbin removes last internal walls between products and advisors after 'meteoric' 2019 leap; two Fido RIA sales legends depart amid the shift

Rich Policastro and Tom Valverde are out after Fidelity Custody & Clearing assets leap to $2.6 trillion AUA, restructuring gets the credit -- and so restructuring gets extended.

March 13, 2020 at 10:36 PM

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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
Top Executive: Mindy Diamond

Private Advisor Group
Specialized Breakaway Service
Top Executive: Frank Smith, Chief Executive Officer

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

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