LPL Financial (LPLA), which added just 18 net advisors in the full-year 2015, said Wednesday that those reps joining the firm in the fourth quarter include 86 advisors with $30 million or more in client assets.
Among these additions are eight advisors from Ameriprise (AMP), five advisors from JPMorgan (JPM), four advisors from Bank of America Merrill Lynch (BAC) and three reps from Wells Fargo Advisors (WFC). Most advisors came from a variety of independent and other broker-dealers, such as the Cetera Financial Group and broker-dealers formerly owned by AIG.
“As the marketplace experiences a continued shift toward independence, LPL remains a leading destination for advisors,” said Bill Morrissey, head of business development, in a statement. “We find that advisors are evaluating not only a platform that can serve the best interests of their clients but also resources that will deliver results for their businesses. We have been winning because LPL easily stands out from our competitors because of the capabilities we provide in research, technology, risk management and practice management.”
In terms of assets under management, LPL added 20 reps that service assets of $100 million or more.
Its total affiliated-advisor headcount as of Dec. 31 was 14,054.