LPL Chairman and CEO Mark Casady

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.

Another 25 registered reps are now affiliated with LPL after moving with between $30 million and $49 million in client assets. This group encompasses two from UBS, two from Wells Fargo and one from Merrill Lynch, as well as two from Edward Jones, two from Ameriprise and four from the Cetera Financial Group of broker-dealers.

“We believe that our efforts to prepare for the DOL ruling, including the proactive platform and pricing changes we announced in March, provided another compelling reason for advisors to move to LPL’s independent platform,” explained Morrissey. “In general, we saw prospects respond well to the value our size and scale brings to helping them navigate through these and other significant industry changes.”

In other news this week, several law firms that filed class-action lawsuits against LPL earlier this year reminded investors that Monday is the deadline to be added to the list of plaintiffs petitioning for recovery of losses tied to the IBD’s falling stock price.

(Its shares traded at around $25 on Friday, down from its 52-week high of $48.)

LPL says it has some 14,000 independent affiliated advisors and over 700 banks and credit unions as clients. The firm also works with about 4,200 insurance brokers. 

— Check out 11 Best & Worst Broker-Dealers: Q1 Earnings, 2016 on ThinkAdvisor.