After two months of rumors that he was ending his 27-year relationship with LPL, the big producer jumps to a rival independent firm.
Summit Brokerage, a unit of Cetera Financial, imposes new “affiliation fee” of $1,500 a year.
Nebraska-based independent broker denies reports he will take practice to Cetera after more than 25 years with LPL.
As its parent emerges from bankruptcy, Cetera Financial races to complete sale of another broker-dealer.
VSR Financial Services will be closed as firm shrinks its franchise.
Cetera Financial Group and its parent company RCS Capital Corp. have moved to settle a case that it brought on February 25 to prevent private equity firm Lightyear Capital from poaching top Cetera executives.
Top producers affiliated with First Allied Securities are partying in Hawaii this week, however, they are analyzing a new retention package and comparing it with offers coming in from the outside.
As if Cetera Financial Group didn’t have enough legal issues to deal with, its president and the chief executive of one of its ten broker-dealers are being accused of “willful and wanton age discrimination”.
Cetera Financial Group rushed out a lawsuit against two former executives and the private equity firm that formerly owned it in an attempt to prevent them from poaching brokers and managers to work at a rival firm.