LPL Financial’s latest list of new financial advisors includes plenty of reps joining from Wells Fargo, Cetera Financial Group and other firms.
The broker-dealer, which shares a full list of affiliated registered reps that join each quarter, just reported that its latest recruiting list includes 136 new advisors – topping last quarter’s 128 and the 59 that came on board in the first quarter of 2016.
Fifty-five advisors moved to LPL with over $100 million of client assets, 47 with $50 million to $99 million of assets, and 35 with $30 million to $49 million.
“LPL enjoyed another strong quarter of recruiting, capitalizing on the momentum we have experienced in 2016,” Bill Morrissey, head of business development for the IBD, in statement. “Given the regulatory landscape, we recognize that advisors and institutions are seeking stability and a platform for growth.”
During the third quarter, LPL attracted a group of 18 advisors that are part of a hybrid RIA with $650 million in assets from Voya Financial. The team is based in Albany, N.Y., and does business as Capital Financial Planning.
In addition, 16 advisors moved to the IBD from broker-dealers affiliated with Cetera Financial Group, now led by Robert Moore, the former president of LPL – including First Allied, Cetera Advisor Networks and Summit Brokerage Services.
(Last week Carson Wealth, which has some $2.6 billion of assets with LPL, was reportedly set to affiliate with Cetera.)
Eleven advisors departed Wells Fargo to join LPL. Several recruiters recently said that Wells Fargo Advisors could see reps walk out the door after its fake-accounts scandal became the focus of regulators, politicians and the press – “tainting” the wirehouse’s brand.
LPL also recruited 11 reps from Edward Jones, nine from JPMorgan and six from Ameriprise Financial. Four moved to the IBD from Bank of America-Merrill Lynch and one from UBS.
“LPL’s work to innovate and lead the industry by providing the resources and tools to thrive in this unique time is resonating with advisors,” explained Morrissey. “We believe we have begun to capitalize on the investments we have made in technology, service and risk management. These investments will continue to provide tremendous value for current and potential advisors.”
The independent broker-dealer remains upbeat about its strategy to keep commissions in retirement accounts and other moves it is making in response to the new DOL fiduciary rule.
It has some $502 billion of client assets, $261 billion of which are retirement assets affected by the coming regulations.
Speculation continues regarding a possible acquisition of LPL by another financial-services firm, but the IBD has declined to comment on the rumors.
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