Broker-Dealers

Part
01
of two
Part
01

Broker-Dealers (1)

Raymond James and Associates, LPL Financial, Charles Schwab and Co., and Wells Fargo are some examples of broker-dealers that have multiple RIAs. They are also known to purchase promissory notes on behalf of their clients or sell the promissory notes to their clients. More information on the topic has been presented below, along with an outline of the research strategy.

1. Raymond James and Associates

  • Raymond James is a financial advising company that has multiple RIAs. Its client-focused approach serves clients "through 8,000 financial advisors in the United States, Canada and overseas."
  • The company serves institutions, corporations, and municipalities through services, such as banking, asset management, and capital markets.

Jennifer Ackart (Chief Accounting Officer)

Paul Shoukry (Chief Financial Officer)

2. LPL Financial

  • LPL Financial is a leading independent broker-dealer that has multiple RIAs. The company offers an integrated platform of brokerage, proprietary technology, and investment advisor services.
  • The company serves about 700 financial institutions and more than 16,000 financial advisors. The main aim of the company is to enable "financial advisors to create and grow highly profitable businesses by providing them with the services and tools to meet the needs of their clients."

Matthew J. Audette (Managing Director and CFO)

Michelle Oroschakoff (Chief Legal Officer)

3. Charles Schwab and Co., Inc.

  • Charles Schwab and Co. is a subsidiary company of the Charles Schwab Corporation that provides investment products and services to its clients, including Schwab brokerage accounts.
  • It is a broker-dealer company that also has multiple RIAs and operates in the hybrid RIA model.

Charles R. Schwab (Chairman of the Board)

Walter W. Bettinger II (President and CEO)

4. Wells Fargo

  • Wells Fargo is a community-based and diversified financial services company that provides investment services, banking services, mortgage services and products, and consumer and commercial financial services. Since 2019, the company opened its channels to multiple RIAs along with its preexisting broker-dealer services.
  • The company has $1.9 trillion in assets, and serves through "7,500 locations, more than 13,000 ATMs, the internet (wellsfargo.com), and mobile banking."

Renee Covi (Executive Vice President, Contact Center Executive)

Charles Culbreth (Executive Vice President)

Research Strategy

We started the research by searching for additional broker-dealers that have multiple RIAs and are known to purchase promissory notes on behalf of their clients or sell the promissory notes to their clients. We found multiple broker-dealers that fit the criteria of having multiple RIAs. Thereafter, we checked if the companies are also known to purchase promissory notes. We searched across the company websites and some legal case studies of each company. Therefore, we were able to confirm that the four companies included in this research deal with promissory notes.

All four companies have provided the names of their C-level executives on their respective websites. We searched for the email address and the phone number of the executives across each page of the websites. However, we found that the companies had not revealed the contact details of their executives. Thereafter, we searched for official reports, such as tax filings, annual reports, licenses, and case studies, hoping to find the details of the executives. We were able to find the contact details of some C-level executives of Raymond James and Associates and LPL Financial by using this strategy.

Due to the lack of publicly available official information on other executives, we had to refer to third-party databases, such as Advisory Excellence, Elliott, and Rocket Reach, to extract the contact details of other C-level executives. We then corroborated the details across multiple third-party databases to confirm the information. Some websites required the sign-up process. Therefore, we have presented the screenshots of the email addresses and contact details in the attached Google Doc. In this way, we were able to find all the required information and complete the research.



Part
02
of two
Part
02

Broker-Dealers (2)

According to Mihalek Law, a securities arbitration and litigation firm, there are more registered representatives affiliated with independent broker-dealers (IBDs) than traditional ones. Among these IBDs, Lincoln Financial Network, Ameriprise Financial Services, Avantax Financial Advisors (HD Vest), and AXA Advisors each have over 4,500 registered representatives. There is evidence that these four companies also purchase promissory notes.

Lincoln Financial Network

  • Established in 1905, Lincoln Financial Network provides estate planning, retirement income, generational wealth, business owner planning, and investment management services to its clients. The company has 8,885 independent advisors and accepts promissory notes.
  • Contact #1- Dennis R. Glass (President & Chief Executive Officer). Tel: 484 583 1479, email: Dennis.Glass@LFG.com
  • Contact #2- Lisa M. Buckingham (Executive Vice President and Chief People). Tel (best match): (571) 261-3330, email: lisa.buckingham@lfg.com

Ameriprise Financial Services, Inc.

  • Ameriprise Financial Services was founded in 1894 and has a network of approximately 10,000 financial advisors with corporate locations across the globe and advisor offices in all 50 states in the US. If offers financial planning, investments, banking and cash management, and insurance related services to its clients. The company accepts promissory notes.
  • Contact #1- James M. Cracchiolo (Chairman and Chief Executive Officer). Tel: 612.678.4790, email: james.cracchiolo@ampf.com
  • Contact #2- Walter S. Berman (Executive Vice President and Chief Financial Officer). Tel: (general) 800.297.2012, email: Walter.Berman@ameriprise.com

Avantax Financial Advisors

  • Formerly known as HD Vest, Avantax Financial Advisors has a network of 4,597 independent representatives and over 30 years of industry experience. It provides comprehensive financial planning solutions including securities, insurance, money management services and banking solutions. It also accepts promissory notes.
  • Contact #1- Enrique Vasquez (President, Wealth Management). Tel: 425-201-6100, email: emvasa1@aol.com
  • Contact #2- Crystal Clifford (Chief Operating Officer). Tel (general): (972) 870-6000, email: crystal.clifford@lpl.com

AXA Advisors, LLC

  • Axa Advisors was established in 1982 and operates under the "Equitable" brand name of Equitable Holdings. It has a growing network of more than 5,000 financial professionals throughout the US. The company specializes in retirement, investing, life insurance, annuities, college savings, financial services and also accepts promissory notes.
  • Contact #1- Mark Pearson (CEO). Tel: (212) 314-2121, email: mark.pearson@axa-equitable.com
  • Contact #2- Marine de Boucaud (Chief Human Resources Officer). Tel (general): 1-212-554-1234, email: marine.deboucaud@kornferry.com
Sources
Sources

From Part 02