Janice Kirkel

Keep your eyes on Casada in his new VC role. Presently no b/bs or custodians support fiduciary duty for fear being prescriptive would trigger fiduciary liability. Even with the DOL rule, professional standing in advisory services is difficult for brokers. The R&amp;D, intellectual and financial capital necessary for b/d fiduciary compliance is beyond the reach of b/d executives to execute. Yjis is where Mark Casady can make a massive industry contribution in advancing prudent process (asset/liability study, investment policy, portfolio construction, performance monitor) authenticated back to statute which establishes a safe business environment in which brokers can acknowledge fiduciary standing. By putting "financial services" back into the financial services business, Casady's VC funding of large scale institutionalized support of (fiduciary duty) prudent process in the client's best interest would forever change the financial services industry for the good of all. SCW

How a $4-billion OSJ jumped ship from Lincoln Financial to LPL just before the Mark Casady step-down in search of safe harbor in the eye of DOL-rule storm

HiddenLevers

LPL Financial

Lincoln Financial Advisors

Integrated Financial Partners

Paul Saganey

Raj Udeshi

Mark Casady

Dan Arnold

Adherents of the hybrid RIA model seem to understand the world in the same terms as Puritan dissenters, now known as Baptists, Quakers, Presbyterians, Unitarians and Congregationalists. The members of those offshoots avoided the fate of the Puritans who believed a little too ardently that grace could not be earned, only bestowed by God. The Puritans are now extinct. More inclusive splinter sects that accommodate striving sinners, on the other hand, have gone on to survive and prosper. Hybrid RIAs espouse a new world order of accountable advice that errs on the side of inclusion of brokers despite their propensity for sin inherent in their inevitable conflicts of interest. RIA purists see this more-the-merrier mindset as too much fiduciary disharmony to throw at clients and an unsettling bifurcation when building a successful, long-haul business. RIA hybrid enthusiasts say the success of this model – and it is the fastest growing in the advisory world -- speaks for itself and that such firms house the best of the transactional brokerage business and the fee business under one roof. Moreover, these evangelists see the hybrid model as a means of bridging the gap between a whole generation financial advisors by leading captive wirehouse brokers to a model that offers more objective, open- architecture advice. Whatever side a reader falls on this dynamic topic certainly deserves a reader section for itself and we are proud to present it.

Hybrid RIA

The past two years have been some of the most momentous in the relatively short history of the RIA profession. Legislators and regulators have been gradually embracing the fiduciary standard, though whether it will fully apply to everyone calling themselves advisors remains to be seen.

The Department of Labor’s crusade to lower costs and increase transparency in retirement plans means a spate of new regulations affecting advisors and brokers in that market. Dodd-Frank Financial Reform, meanwhile, continues to unroll across the profession, with the biggest change being a shift to state oversight of RIAs with less than $100 million AUM. In this section, you’ll find continually updated RIABiz.com coverage on all these topics.

RIA Compliance

Lincoln wins in that Integrated Financial Partners still gorges on its products but CEO Paul Saganey likes the better control over fees under LPL

How a $4-billion OSJ jumped ship from Lincoln Financial to LPL just before the Mark Casady step-down in search of safe harbor in the eye of DOL-rule storm

Stephen Winks

Related Moves

October 3, 2024 at 3:08 AM

October 1, 2024 at 8:42 PM

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January 11, 2025 at 3:01 AM

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How a $4-billion OSJ jumped ship from Lincoln Financial to LPL just before the Mark Casady step-down in search of safe harbor in the eye of DOL-rule storm

Stephen Winks

Related Moves

October 3, 2024 at 3:08 AM

October 1, 2024 at 8:42 PM

March 22, 2023 at 1:48 AM

January 11, 2025 at 3:01 AM

RIABiz Directory

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