PrimeVest Consolidating In The Bank Advisory Channel

Thursday, October 27, 2011 07:25
PrimeVest Consolidating In The Bank Advisory Channel

Tags: broker-dealers

Reps at Uvest do not seem happy, even though corporate parent LPL says it is only obeying their wishes by moving them to the company's clearing platform.

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Back in the spring, LPL said Uvest reps were asking to switch from their proprietary platform -- a legacy of the days before their 2006 merger with LPL -- but six months later, about 10% have jumped ship.


Most have gone to PrimeVest, which also specializes in bank-domiciled advisory business.


PrimeVest is another self-clearing company, so those reps must be unhappy enough with the prospect of being rolled into LPL to learn yet another new clearing platform.


LPL, meanwhile, is busy hiring plenty of more traditional advisors from non-banking environments.


Rather than publicly speculate about the Uvest defectors, its executives have focused on the unit's 85% to 90% retention rate as being "high."



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