Independent broker-dealer LPL Financial is relocating 133 jobs from its San Diego location to its new building in Fort Mill, South Carolina.
According to the IBD, the majority — 97 — have not been offered the chance to relocate, while 36 have. The San Diego staff not being retained will be let go in April.
The relocations aim to help LPL “better manage costs, increase efficiencies and meet our growth commitments in the Carolinas,” a spokesperson says. The moves were not concentrated in any particular functional area or department.
The news was first reported on Tuesday by KGTV, the ABC affiliate in San Diego, which also pointed out that the corporate income tax rate in South Carolina is about 5% vs. 8.8% in California.
New Campus, Leadership
In November, LPL opened a new building in South Carolina, about 20 miles from Charlotte, North Carolina, which is home to one of its three national offices.
Based in Fort Mill, the 27-acre campus includes two buildings with 450,000 square feet of office space and is based on a sustainable net-zero water design.