LPL Reports Latest Asset, Recruiting Figures

LPL Financial says its assets rose nearly 1% in April, though cash sweep balances weakened 2%. It also reports that 59 advisors joined the firm in the first quarter.

Total brokerage and advisory assets served at the end of April were $482 billion, a 0.7% increase from March. Total client cash sweep balances as of April 30 were $29.5 billion, a 3% drop from the prior month.

As for recruiting, the independent broker-dealer says that 19 new advisors who have managed $100 million or more in client assets are now affiliated with the firm. In this group, one advisor joined from Merrill Lynch (BAC) and two from Wells Fargo (WFC).

Other reps at this asset level came on board from Fidelity, TD Ameritrade, Commonwealth Financial, JPMorgan, Securities America and other broker-dealers. Two of the advisors in this group are women.

“LPL saw solid recruiting in the first quarter, despite industry headwinds that included volatile markets and lingering uncertainty regarding the Department of Labor’s fiduciary rule,” said Bill Morrissey, managing director and divisional president of business development, in a statement.

Fifteen advisors moved to LPL with between $50 million and $99 million in client assets. Two joined from Morgan Stanley, and three – including two female advisors – were previously with Edward Jones.

Some advisors at this asset level came from Fidelity, Stifel Nicolaus, Cetera Financial Specialists and First Allied.