“Think and Grow Rich,” by Napoleon Hill, a best seller from1937 promoted doing anything you can imagine and focused on income and occupation. “Reawakening an American Dream”, employs behavioral sciences, to endorse how people gain the financial independence of net worth. Terminated From First Base Over Throw

Another example is, “Rags to Riches” by Gail Liberman and Alan Lavine, which has motivating stories about the people who achieved extraordinary wealth. My book uses hundreds of research cases with conclusive credibility. Discharged from his

“Thomas J. Stanley’s The Millionaire Next Door”, looks at wealth but encouraged complex formulas. “Reawakening an American Dream” brings greater relatability by harkening readers to self-actualized activities that initiate pathways in the brain to stimulate life-changing patterns. stopbrokerfraud.com

The book, “Rich Dad Poor Dad”, by Robert Kiyosaki insists change in attitude can help one attain dreams. My book gives insight into how to make that change happen using impetus that already exists in each of us. “Reawakening an American Dream” uses greater variety appealing more widely in demographic scope. Over Discretionary Trades

Harv Ecker author of, “Secrets of the Millionaire Mind,” agrees with me that rich people think a certain way. However, his conclusions are narrowly focused and fall short of most people skills. My book provides preferred paths based on one’s own essential qualities. Kevin Palmer was recently

In “Millionaire Fastlane” by MJ DeMarco, the message is to tilt the odds using his statistically random formula. My book is how people created their own uncomplicated formula to assure their advantage. FINRA fraud

Fast paced “Get Rich Carefully” by Jim Cramer may have insight into how stocks make you rich. However, high frequency traders and billion-dollar hedge funds are beyond the emotional endurance of the majority. Jul 2, 2018.  Former Arizona– based First Allied Securities broker/advisor by revealing true secrets to wealth and linking the uniqueness of spirit to personality making wealth surprisingly simple. Here is how it differs from similar, competing titles that have been lucratively published: Kevin Palmer Arizona

“Think and Grow Rich,” by Napoleon Hill, a best seller from1937 promoted doing anything you can imagine and focused on income and occupation. “Reawakening an American Dream”, employs behavioral sciences, to endorse how people gain the financial independence of net worth. Terminated From First Base Over Throw

Another example is, “Rags to Riches” by Gail Liberman and Alan Lavine, which has motivating stories about the people who achieved extraordinary wealth. My book uses hundreds of research cases with conclusive credibility. Discharged from his

“Thomas J. Stanley’s The Millionaire Next Door”, looks at wealth but encouraged complex formulas. “Reawakening an American Dream” brings greater relatability by harkening readers to self-actualized activities that initiate pathways in the brain to stimulate life-changing patterns. stopbrokerfraud.com

The book, “Rich Dad Poor Dad”, by Robert Kiyosaki insists change in attitude can help one attain dreams. My book gives insight into how to make that change happen using impetus that already exists in each of us. “Reawakening an American Dream” uses greater variety appealing more widely in demographic scope. Over Discretionary Trades

Harv Ecker author of, “Secrets of the Millionaire Mind,” agrees with me that rich people think a certain way. However, his conclusions are narrowly focused and fall short of most people skills. My book provides preferred paths based on one’s own essential qualities. Kevin Palmer was recently

In “Millionaire Fastlane” by MJ DeMarco, the message is to tilt the odds using his statistically random formula. My book is how people created their own uncomplicated formula to assure their advantage. FINRA fraud

Fast paced “Get Rich Carefully” by Jim Cramer may have insight into how stocks make you rich. However, high frequency traders and billion-dollar hedge funds are beyond the emotional endurance of the majority. Jul 2, 2018.  Former Arizona– based First Allied Securities broker/advisor

Author and Journalist Kevin Palmer – SMA Institute

Kevin Palmer author

Kevin J Palmer Author & Financial Reporter

Kevin Palmer Scottsdale

Author and Journalist Kevin Palmer – SMA Institute

Kevin Palmer author

Kevin J Palmer Author & Financial Reporter

Kevin Palmer Scottsdale

Author and Journalist Kevin Palmer – SMA Institute

The post Kevin Palmer Truly Stands Out Well Above first appeared on Kevin J Palmer Scottsdale.

February 8^th 2018

Dear Ryan Maul,

This letter of voluntarily resignation is addressed to you because your superiors have not returned correspondences. Likely because ethical boundaries were crossed in fabricating facts to forward personal inter-company promotions. I may have threatened your orthodoxy but my refusal to shut down outside business activities in compliance with new management was against initial agreements initiated during the asset sale of First Montauk Securities.

As you recall, I left Merrill Lynch for a national title and created shareholder value by cascading recurring revenue models to ranking staff for implementation. Despite developing a high margin business for them, the stark realization was years of debt might preclude the higher end of my performance bonuses. Being a team player, I expanded my roll from Sales Director to explorer an exit strategy for the cash strapped business. As a result, I needed to scale directives in my newly created Sales Mgmt Council to align a leveraged buyout.

When hopes the firm would buy my Sales Mgmt Council idea were dashed. The exiting CEO permitted me to orchestrating an alliance of other Wall Street executives to provide outside financial firms perspectives needed to implement operational efficiency and crystallized corporate cultures. The investment industry clearly required a paradigm shift, and even before the sale to FAS was finished my evolved entrepreneurial idea, called Strategic Management Advisors, was advising B-D’s across America.

Soon FAS faced problems of its own and was acquired by Cetera Advisors LLC, another poorly run firm. By then I had long departed and you only housed old licenses, as my attention turned to SMA Merger & Acquisitions, that I eventually sold. It was then you alleged, I broke OBA disclosures and attempted to cancel my non-producer trading privileges. I acquiesced only because my new passion was doing cutting-edge research for my first book called, “The Quiet Rich”. Again you agreed to continue my institutional trading privileges at deeply discounted commission rates.

By 2016, more financial difficulty caused reorganization into Aretec and a new corporate mop-up began. As a non-producer, with privileges grandfathered in from the first merger in 2004 I was too expensive (even though my assets exceeded average brokers with only 4 personal accounts). When Genstar took over in 2018 you absurdly demanded both me and my wife shut down our businesses. I refused purely on lack of logic and you coerced discretionary trading allegation in 2 family accounts, to push me out.

Unlike you, a failed producer who found safety in the operational side of the business. My 25-years career had only two blemishes; a firm wide complaint at Paine Webber, and failure to supervise at Merrill Lynch—integrity well above normal. Therefore, I voluntarily resign without cause. My intention is to let series 7&8 expire as they were kept only for legacy, and focus on my next book, “Reawakening an American Dream”. Attached: Find all verifying documentation.

Sincerely, Kevin j Palmer

The investment industry clearly required a paradigm shift, and even before the sale to FAS was finished my entrepreneurial idea, called Strategic Management Advisors http://smainstitute.com was advising B-D’s across America.Soon FAS http://www.firstallied.com faced problems of its own and was acquired by Cetera Advisors LLC.,  https://www.cetera.com/ another poorly run firm.By then I had long departed employment, with you only housing old licenses, and turned my attention to SMA Merger & Acquisition https://www.dandb.com/businessdirectory/smamergersandacquisitionsl-scottsdale-az-5681659.html .It was then you alleged, I broke OBA disclosures and attempted to cancel my non-producer trading privileges. Former Arizona-based First Allied Securities broker/adviser Kevin Palmer was recently discharged from his former employer and is currently not …I acquiesced only because my new passion was doing cutting-edge research for my first book called, “The Quiet Rich” http://thequietrich.com/. You again agreed to continue my institutional trading privileges at deeply discounted commission rates.Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on June 26, 2018When Genstar https://www.gencap.com/ took over in 2018 you absurdly demanded both my wife and me shut down our businesses. I refused purely on lack of logic and you coerced discretionary trading allegation in 2 personal and 2 family accounts, to push me out.Kevin Palmer Terminated From First Allied Securities Over …www.stopbrokerfraud.com › news › kevin-palmerUnlike you, a failed stock broker who found safety in the operational side of the business. My 25-years career had only two blemishes; a firm wide complaint at https://www.ubs.com/us/en.html Paine Webber, and failure to supervise at http://merrilledge.comMerrill Lynch—integrity well above normal. Therefore, I voluntarily resign without cause.Jul 2, 2018 – Kevin Palmer has spent 32 years in the securities industry and was most recently registered with First Allied Securities in Scottsdale, Arizona…

The post Upon Completion of Case first appeared on Kevin J Palmer Scottsdale.

Part 2 of a 3-part series (History Repeats) Encore Performance from 2003

On January 1^st 1999 a new reserve currency called the “Euro” was introduced and by July16th 2002 the Euro would become the strongest currency in the world. September 19^th 2000, China with its 1.2 billion citizens was granted permanent normal trade relations status with the U.S. and with in two years soon to be the strongest growing economy in the world and the third largest importer of oil. March 19^th 2001 California suffers rolling blackouts and then, on April 6^th that same year while under investigation for price fixing, PG&E utility unit files for bankruptcy.  On December 2 2001 under cloud of corporate miss conduct and amid corporate scandal for alleged criminal activity another one of the countries largest public companies, Enron, files for bankruptcy.  Next World Com, same NYSE status under another cloud of corporate misconduct and scandal, files for bankruptcy protection throwing the balance of corporate trust into a tail spin, and the list of scandal was just beginning.  Government and regulatory probing continued throughout corporate America eventually spreading like wildfire to, you guessed it, America’s largest brokerage firms, and it continued to include, mutual fund companies, portfolio management companies, and finally even to the NYSE itself, turning up profound accusations of unethical business practices many of which are still under investigation today. As a result of trauma after trauma America’s largest full-service brokerage firms are now scrambling to maintain their status quo, as their clients are discovering that company interests, not client benefit, drove advice and service for over 100 years. And Americans are still mad as hell about it.

But fortunately, for the first time in Wall Street history a level playing field now exists for the advancement of non wire house firms most especially, Independent Broker-Dealers and their financial representatives. Like no time in the past of Wall Street do independent stock brokers have an opportunity to make more money, earn greater respect and direct a new course of financial servicing for America.  In the last four years every power possessed by major wire houses that made them exclusive in the eyes of the public has been put in your hands.

Let’s face it historically the deck has been stacked. As far back as my grandfather, placing trades was meant to be done only by those lucky enough to have been chosen, therefore keeping the supply limited and the price of services high. I know this because my grandfather worked in a Bucket Shop. (Do any of you recognize the term?)   It was a small brokerage firm that thrived in the early 1900`s when margin requirements were minimal and investors were subject to the whims of the so called “customers men”, who were some times known for accepting orders and discarding them in a bucket, and so the term Bucket shop. (An interesting bit of Wall Street history at the expense of my family linage) ……But isn’t it funny how society tends to remember the bad things.  I just I hope that someday my grandchildren aren’t saying, “My Granddad worked for a Big Wire houses Broker, you remember them, they were known for advising clients based on their investment banking relationships”.

However my point is this. That in the not too distant past the only people allowed to make trades was a handful of appointed special operators. Trades had to go through an exchange at discretion, so the little guy may not have always gotten the best price. And often times in the past the best research was expensive and available to only wealth investors.  And now, boys have things really changed.

The end of that world as we knew it is over for ever, and this new path of change that is making grandfather turn over in his grave, is making it possible for the next great Wall Street firm, to be an Independent Broker-Dealer. And it is signaling for brokers like you and firm like this one to exceed any expectations you have had in the past.

Because right now your research is no different and probably even more objective then the biggest wire houses.  Your trades are executed with the same power of major firms and great technology is now in the hands of not just companies like this one but clients as well.  Proprietor products are no longer an advantage in fact many of the streets big firms are scrambling to unload their investment management companies.  Let’s face it was it worth it to Morgan Stanly to be fined $50million for allegedly pushing its own funds.

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us.  Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts.  All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source. This posting and the information on our website is for general information purposes only.  This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship.

As Frank Burns said, “If I made any mistakes in this article, they are God’s will or someone else’s fault.”

Financial advisor

Financial Industry

Morally and practically

Interference from government

Large corporations

Oppressive institutions

Economic liberty

Kevin Palmer Scottsdale

U.S. Constitution

Stands up for freedom

Greedy malevolent corporations

http://smainstitute.com/

https://thequietrich.com/tag/rebelmagazine-com/

https://kevinpalmerscottsdale.com/2019/04/11/election-time-and-more-of-the-same/

http://smainstitute.com/sma-multi-media/

The post New Reserve Currency first appeared on Kevin J Palmer Scottsdale.

Like them, you can make your first million dollars by accentuating your own personality through an instinctive pathway using their Secret Success Standards as stepping stones to be among the Quiet Rich.

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us.  Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts.  All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source. This posting and the information on our website is for general information purposes only.  This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship.

Author Kevin Palmer  Kevin  Palmer Arizona /Economic Activism/Seeks Economic Justice (734)/Humble Warrior (967)/Peace Through Prosperity (243)/Financial Freedom Activist (893)/Foster Economic Understanding (357) / Financial Literacy (219)/Behavioral Finance Strategist (671) /Enable Economic Dignity (526)/ Improve Quality of Life (195)/Resist (475) Comments are closed (374)/  Securities Fraud Reports (36Question authority (898) Kevin Palmer (712) Kevin Palmer Scottsdale (546) Kevin Palmer Arizona (7341) First Allied Securities / Behavioral Finance Strategist (767) / Improve Life Quality (9679/ Enable Economic (687) Dignity (836) / Resist (85) /Question Authority (846) http://smainstitute.com/

https://thequietrich.com/tag/rebelmagazine-com/ https://kevinpalmerscottsdale.com/2019/04/11/election-time-and-more-of-the-same/ http://smainstitute.com/sma-multi-media/

The post Hundreds of Case Studies first appeared on Kevin J Palmer Scottsdale.

As a former hedge fund investor and participant in Phoenix Suns charities I am aware of strides Jahm Najafi has made with Author Solutions. However, something is critically wrong that I hope you see as opportunity to gain advantage and improve image.

The irony is that this is a trite problem resulting from poor English and can be fixed with a simple solution, but silo thinking from strict corporate protocols has barricaded action.

The imprint in question is Balboa Press where content evaluation requested changing names to protect possibly ‘damaging a person, place, or thing’ and obtain written permission from those persons. Since all the situations and characters are fictious, as stated in the Author’s Notes, that request was wholly counter intuitive…and impossible.  After that, the situation became repugnant. I will provide sordid details to you or whomever you prefer.

I’d like to resolve this internally before escalating contingency plans. I’m in NYC and would like to hear from you before heading west Friday afternoon.

In most business markets even, good companies require change when something is not working and I hope you see this as an opportunity.

Established under The Palmer Holding Group Ltd., a company grounded on two generations of integrity, accountability and citizenship.

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us.  Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts.  All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source. This posting and the information on our website is for general information purposes only.  This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship.

Comments are closed

Author and Activist

Financial Literacy 501c3

Economic Activism

Wealth Expert

Wealth Stratification

Kevin J Palmer

Ridiculous Restraints

Limit personal freedom

Stifle entrepreneurship

Special interest groups

American Dream

Under Attack

Unreasonable Requirements

Honest Competition

Kevin Palmer

Economic Justice

Humble Warrior

Economic Oppression

Peace through Prosperity

Financial Freedom Activist

Kevin Palmer Scottsdale

Economic Understanding

Financial Literacy

Behavioral Finance Strategist

Economic Dignity

Improve quality of life

Resist

Question authority

Investing

SAMI http://smainstitute.com/

The post Bill Elliott first appeared on Kevin J Palmer Scottsdale.

I’ll warn you if you’re in the financial industry and want to be “personally entrepreneurial” there are challenges. I had an inactive license with a B-D, that was in process of preparing for a desperately needed M&A deal to stay afloat. When they got wind of my book they said, “ease and desist.

My consulting firm advised their predecessor Montauk Financial in 2005 and allowed me to hang my license as a courtesy. They were under financial pressure so my unlimited trading access was part of the fee. Eventually First Allied Securities bought them. So technically I wasn’t an employee only an outside business consultant.

They tried to sue me for all of the “free” platform costs incurred over the eight years while  managing my own account! This history is relevant because the second book is about having wherewithal to stand up to abusive companies and it became the perfect PR moment.

Of course they lost their financial case but retaliated by compromising my license, which in hindsight, I should had terminated years ago.

Established under The Palmer Holding Group Ltd., a company grounded on two generations of integrity, accountability and citizenship.

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us.  Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts.  All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source. This posting and the information on our website is for general information purposes only.  This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship.

Comments are closed

Financial Freedom Activist / Foster Economic Understanding / Series 65 / Uniform Investment Advisor / Law Examination/ June 18 2004/ Tagged First Allied / Kevin Palmer Series 63 Uniform Sales securities Agent State Law Examination/ June 7, 1985 /  Securities Fraud Reports /  Series 7 general securities Representative / Examination May 18.1985 / FINRA Disciplinary Action / Series 8 /General Securities Sales Supervisor Examination /Options Module & General Module / Financial Literacy / Enable Economic Dignity / Improve Life Quality / Resist /Question Authority) Terminated Economic Abuse

The post A Little Day Trading Habit first appeared on Kevin J Palmer Scottsdale.

What have we learned?

Established under The Palmer Holding Group Ltd., a company grounded on two generations of integrity, accountability and citizenship.

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us.  Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts.  All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source. This posting and the information on our website is for general information purposes only.  This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship.

Comments are closed

Author and Activist

Financial Literacy 501c3

Economic Activism

Wealth Expert

Wealth Stratification

Kevin J Palmer

Ridiculous Restraints

Limit personal freedom

Stifle entrepreneurship

Special interest groups

American Dream

Under Attack

Unreasonable Requirements

Honest Competition

Kevin Palmer

Economic Justice

Humble Warrior

Economic Oppression

Peace through Prosperity

Financial Freedom Activist

Kevin Palmer Scottsdale

Economic Understanding

Financial Literacy

Behavioral Finance Strategist

Economic Dignity

Improve quality of life

Resist

Question authority

Investing

SAMI http://smainstitute.com/

The post Stock Market Deja Vu first appeared on Kevin J Palmer Scottsdale.

Those with this type of disclosure are asking us what changed and why they now have so few options. The short answer is to read the recent proposed Rule change regarding Rule 4111.

For years FINRA has been tightening the noose on firms hiring brokers with a “history of misconduct” by more frequent audits, increased scrutiny of membership applications, risk monitoring, broker-dealer scorecards, and a wave of Enforcement investigations targeting this group. But now FINRA is looking to hit the firms where it matters most; in their pocketbook.

Through the proposed rule, FINRA will have access to a broker-dealer’s money which they will be required to “maintain a specific deposit amount, with cash or qualified securities, in a segregated account at a bank or clearing firm, from which the member could make withdrawals only with FINRA’s approval.

Few if any member firms are sitting on mountains of cash to hold in reserve; none of which will count towards their Minimum Net Capital Requirements. The changes exacerbate the harm caused by false or trumped-up allegations commonly put onto the exiting broker’s U5. Landing at a top firm with a favorable payout will be nearly, if not entirely, impossible as these changes are implemented.

Please call me at 720-613-2044 if making your record clean is important to your business.

Regards,

The post U5 Termination Disclosures first appeared on Kevin J Palmer Scottsdale.

From: Redacted
Sent: Sunday, March 10, 2019 5:19 PM
To: Terminated from First Allied Securities Over Discretionary Trades
Subject: Redacted

Name redacted

Kudos for identifying an under-serviced niche in the legal market. The financial business which you serve is rich beyond comparison.

We have all seen the huge builds in New York, New York. They are spectacles of capitalism paid for in full by the securities industry. I had many occasions to be in PaineWebber, my former employer, on Avenue of the Americas. As well as Painewebber in Weehawken, New Jersey, where I obtained my Series 7 General Securities Representative license on June 7 1985. I’m currently not registered with any state or firm but they were fond memories.

It is not only my former employers, I also appreciate the architectural wonders of other broker-dealers as well. I was recently registered with First Allied Securities and love to see their office from under the Coronado Bridge when I sail San Diego Bay.

Sadly though, those buildings are paid for with the blood sweat and tears of each broker/adviser that works endless hours to produce revenue numbers based on projection that come from corporate suites far above the fray of the day to day business of prospecting and fielding customer complaints when markets go against them. Yet they are usually last on the list when job security or legal protection is needed. Enter the redacted Law Group, P.C.

You understand the bias senior management has when it comes to choosing between a client who threatens to sue or an adviser that can easily be terminated in connection to alleged rule violations and quickly replaced. Firms routinely settle unfairly against stockbrokers giving agents no recourse to accusations. A customer initiated investment related arbitration claim regarding conduct, was resolved for $31,500.00 in damages based upon allegations that unsuitable corporate debt transactions were effected in the customer’s investment account. The National Association of Securities Dealers (NASD) Arbitration No. 00-01529 (Mar. 28, 2001) is one example but the files are endless. So, Kudos to you and your firm.

Kudos too, for knowing FINRA is the place to start this expungement process by seeking contravention of firm rules. The Financial Industry Regulatory Authority  FINRA  Financial Industry Regulatory Authority  (former  NASD – National Association of Securities Dealers) a self-regulating entity, set up to enforce and arbitrate, has allowed the powerful ownership groups to have their way with placing the blame, and at times ruing careers, of those at the bottom of the professional ladder.

FINRA has even looked the other way when firms flat-out allowed securities agents to take the blame for unsuitable investment that were pushed by firms underwriting investments banks One example is in 1994 a customer alleged agent while employed at Painewebber, did not inform them that their investment was in junk bonds. The complaint settled for more than $16,600 on average for each sales representative across the entire firm.

This breach of perspective by the Financial Industry has spawned a whole new Wall Street business witnessed by the growing legal firms on Liberty street and throughout lower Manhattan. Firms like Fitapelli & Kurta Attorneys at Law, or the Guiliano Law Group P.C. scour CRd #’s and BrokerCheck, to trolling for unhappy customers willing to sue their broker. Validity of the charge often is unimportant because these attorneys know the security firms will settle, in essence throw the adviser under the bus, to keep from going to arbitration.

I don’t know what your firm does in revenues but I know you choose right over easy and my hope is you are hugely successful.

Thank You, name redacted

“Once contravention in old thinking is terminated, exercised discretion inspires self-realization” 

The post Legal Firm Seeks Justice for FINRA Claims first appeared on Kevin J Palmer Scottsdale.

Here is Part 2 of Her Story

Something to prove

Over the past several months, Moore lost a significant amount of weight, the source noted. He also started insisting colleagues refer to him jocularly as “RJ,” instead of his long-used name “Bob.”

Mark Casady stepped down as CEO of LPL to found a venture capital fund.

His departure may also possibly have something to do with a falling out with Genstar, the source said.

The company offered only a brief comment in response. “RJ is stepping down as CEO of Cetera strictly for health reasons, as stated,” Cetera spokeswoman, Adriana Senior said in an email. “Beyond that, it is not our policy to comment.”

When Moore was hired, it’s unlikely anyone could have predicted this outcome.  With Genstar’s deep pockets, the newly minted CEO confidently boasted he would beat rival LPL Financial at its own game by developing bone crushing scale through a massive hiring spree.

Moore clearly had something to prove. After serving as LPL’s president, he was passed over to replace LPL CEO Mark Casady in 2016. The job went to Dan Arnold, and Moore left the firm for Cetera shortly afterward.  See: Sources: Larry Roth is out at Cetera, supplanted by ex-LPL president, Robert Moore

Under his leadership, Cetera appeared to hit the ground running. It reported three months after the Genstar sale that it had onboarded more than  $650 million in fresh brokerage and advisory assets. But soon after, those gains were wiped out by a series of LPL raids.

In a series of swift blows, LPL poached $4.5 billion in cumulatively managed assets and four separate RIAs. LPL’s biggest coup was the capture of $3.7 billion AUM Exemplar Financial Network, in Crystal Lake, Il.

Last April, LPL Financial declared a recruiting “war” against Cetera and two other broker-dealers. The fury and focus of the drive shocked recruiting firm principals and internal LPL-affiliated OSJ recruiters because of the way it’s singled out the firms.

The move at least raises a question whether Moore unnecessarily antagonized the massive broker-dealer. See: LPL Financial wages ‘war’ on Cetera, Securities America and Kestra after they pounced on NPH advisors in wake of sale

Even so, Cetera’s network recruited more than 800 advisors with $5.3 billion in client assets in 2018 under ex-LPL veteran, Michael Murray, who joined Cetera in May a year ago as head of business development.

Moore’s hurdles, however, extended beyond recruiting. He was also tasked with improving Cetera’s technology to attract reps. In Oct. 2016, he cut a sweeping deal with PIEtech Inc., that made its MoneyGuidePro and Best Interest Scout software available for license by its legion of brokers.

Michael Murray was a significant poach from rival LPL by Robert Moore at Cetera.

But this past February, news broke that advisors were growing frustrated with the slow roll out of technology initiatives. “They’d promise and promise and then miss the target date and miss the target date,” said one unnamed advisor.

“When we went to the annual meeting, they were talking about all this technology that they were going to be doing. We didn’t see that happen,” Kathleen Hansen told Wealth Management.  The founder of The Financial Planning Department, left Cetera for LPL last September.

Advisors also complained about failed promises over an equity sharing plan. Though the new owners allowed advisors to buy equity, the retention bonuses or equity grants that many expected never materialized.

As a result, some significant practices jumped to rival firms over the past two quarters of 2018, according to the report.

If there was a falling out with Genstar, it may involve the venture capital firm’s abortive bid to pay upwards of $1.3 billion to buy a majority stake in rival Advisor Group.

An executive quoted by Financial Advisor magazine said a merger would shave $100 million in expenses if it both operations were combined. Advisor Group’s umbrella covers four broker-dealers and Cetera has six.

Reports of the merger were rife enough to spur Advisor Group CEO Jamie Price to address the issue with employees in a letter. “We want to let you know that we are not in discussions with Genstar or Cetera,” he wrote.

Ben Brigeman, a former Schwab executive, has been named temporary CEO while Cetera searches for a full-time successor.

The post Brooke Southall is Spot-on About Cetera Part 2 of Her Story first appeared on Kevin J Palmer Scottsdale.