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May 30, 2019 at 03:59 PM
For independent advisors, support from their independent broker-dealers is critical to business growth, performance and, of course, payouts. By allowing registered reps to introduce new services and products (like trust and estate planning), for instance, IBDs help advisors boost their yearly production — also known as trailing 12-month fees and commissions.
Investment Advisor magazine’s latest poll of nearly 50 IBDs nationwide — part of the 2019 Investment Advisor Broker-Dealer Reference Guide — reveals which firms have the highest-producing registered reps.
Behind the new services, programs and products being offered by financial advisors are firms that excel at broader business-development programs (such as coaching), provide their advisors with strong managerial support and strive to introduce and enhance technology.
Raymond James, for instance, recently promoted Kim Jensen to serve as chief operating officer of its Private Client Group, which includes both indie and employee registered reps. When Jensen was recruited from UBS to be COO of the employee channel, fan mail poured in from advisors, staff and outsiders.
Other leaders in this category are Commonwealth, Geneos, Prospera, Kestra, SFA and Founders Financial.
In February, Kestra said it was being bought by the private equity group Warburg Pincus; President & CEO James Poer said at the time that, with the backing of its new owner, the firm would further improve its technology platform, build out its investment management research division (including its advice engine) and acquire more wealth management businesses.
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