LPL Financial is facing more turnover at the top, this time among its team of investment management professionals.LPL’s chief market strategist, Jeffrey Kleintop, quietly resigned earlier this month to accept a post on the international investment team at The Charles Schwab Corp. Mr. Kleintop had been with LPL for close to eight years.Another top executive on LPL’s investment management team, former senior vice president of research John Guthery, resigned in June to become senior vice president of the product management group at W.P. Carey Inc., a sponsor and investment manager of nontraded real estate trusts. At LPL, where he worked for 19 years, Mr. Guthery also focused on due diligence.

via LPL’s chief market strategist resigns.

Ladenburg Thalmann (NYSE MKT: LTS) said it would acquire KMS Financial Services, a Seattle-based independent broker/dealer with about 325 advisors and $14 billion in assets, for $24 million in cash and stock. After the purchase, Ladenburg will have 3,500 advisors with $110 billion in client assets, and $1 billion in revenue across the firm. As of 1 p.m. eastern time, Ladenburg’s stock was up 5.8 percent.

“This is a good indicator that [Ladenburg is] going to continue into an expansion mode and commit to owning independent b/ds and then cross selling their investment banking services through the independent b/ds they own,” said Jonathan Henschen, president of recruiting firm Henschen & Associates.

via Consolidation 2014: Ladenburg to Buy KMS Financial for $24 Million | IBDs content from WealthManagement.com.

Ameriprise grabbed four veteran advisors managing over $350 million in assets to its franchise channel last month. Len Clarizio and Tony Sciuto joined the Minneapolis-based firm from American Portfolios Financial Services on July 14. The team has about $114 million in assets under management and is based in Woodland Park, N.J., a suburb of New York.

via Amerprise Adds 4 Advisors With Over $350 AUM | On Wall Street.

Stifel Nicolaus lured away an advisor managing more than $170 million in assets from Baird.The new recruit, Michael Gregory Foster, had previously worked at McAdams Wright Ragen, a Seattle-based wealth management firm that was acquired by Baird last month

via Stifel Grabs Baird Advisor With $170M AUM | On Wall Street.

Executives at the four largest brokerage houses have set their sights on higher profit margins. But even as they trim expenses, streamline branch offices and reduce back office staff, they’re struggling with compensation costs for brokers.

At Morgan Stanley Wealth Management, for example, compensation and benefits for all employees account for as much as 60% of revenue. At UBS Wealth Management Americas, which breaks out compensation specifically for their advisers, it is even higher. The firm has spent an average of around 70% of revenue on its financial advisers since 2011, according to SEC filings.

via Broker comp puts pressure on wirehouse profit margins.

Women are getting another way to learn about managing their money on Lifetime channel’s “The Balancing Act.”

Starting in August, the show will feature Catherine Bonneau, president and chief executive of Cetera Financial Institutions, and Carina Diamond, managing director of SS&G Wealth Management and an adviser at Cetera. The co-hosts will discuss money issues and give advice for how women can plan ahead.

“I found it to be a very approachable format, one that you can envision that women would easily engage with for both entertainment and learning opportunities,” Ms. Bonneau said. “It just helps build awareness that women can exchange ideas for other women.”

via Cetera advisers take their message to the small screen.

Robert W. Baird & Co. Inc. has added a top broker from Wells Fargo and a new director to its Houston market.

Gary Foose Jr. joins the firm as a director and financial adviser in Houston with $350 million in client assets and $1 million in annual production.

“Gary’s a high-integrity guy. He’s been in the business 25 years and has a loyal client base,” said Jarrett Kovics, regional director for Baird’s private wealth management business.

Craig Young, previously a branch manager at UBS Financial Services, has been named director of the Houston market. He will oversee Baird’s two local wealth management offices.

via Baird snatches Wells Fargo adviser with $350M in AUM.

Alan “Ace” Greenberg, who presided over the expansion of Bear Stearns before its collapse helped precipitate the 2008 financial crisis, has died at 86, The New York Times reports.

As CEO of the Manhattan-based investment bank from 1978 through 1993, Greenberg expanded the number of employees from 1,000 to 6,300. Shareholders’ equity reached $1.8 billion by the time he stepped down as chief executive, after which he stayed on as an equities trader.

The Times cites Greenberg’s son as saying Greenberg died of complications from cancer.

Known as “Ace” on Wall Street, Greenberg was an avid bridge player with affinity for magic tricks, that headed Bear Stearns as CEO from 1978 to 1993, before handing the reigns of the firm over to James “Jimmy” Cayne.

via Bear Stearns figure Alan Greenberg dies.