LPL Financial plans to lay off 70 employees in San Diego, effective Aug. 22.
The firm posted a Worker Adjustment & Retraining Notification, or WARN, notice in California last week, indicating it would permanently eliminate the headquarters positions.
“High-performing, growth-oriented companies like ours must continuously evaluate how we manage the business, ensuring that we are prioritizing investments across the firm in areas that have the greatest impact on our business and clients,” an LPL spokesperson told ThinkAdvisor by email Thursday.
“Following an extensive analysis, we’ve identified areas where we can simplify and streamline how we operate. This action represents less than two percent of our overall firm and while we have eliminated roles in some areas, we continue to grow and expand in others with more than 360 open roles,” the spokesperson said.
The San Diego Union-Tribune reported this week that the layoffs will affect mostly senior and management positions, including 25 vice presidents and seven or more managers. Marketing, engineering and customer service roles also are being eliminated, the newspaper reported.
Last month, Atria Wealth Solutions, an independent broker-dealer network that LPL acquired last year, reported plans to lay off 169 employees in California, Texas and New York this summer.
Atria filed WARN notices informing authorities in Texas and California that it planned to lay off 82 employees in San Diego County and 55 in the greater Houston area effective July 4. It told New York authorities it planned to lay off 31 employees in Syracuse and one in New York City, effective Aug. 1. It appears that Atria recently added four employees to the Syracuse layoffs.
Repeating an earlier statement, the LPL spokesperson said that LPL and Atria “have openly shared a detailed employee roadmap outlining transition phases and dates. Over the past 18 months, LPL has partnered with Atria to transition over 250 employees into roles at LPL that match their experience and career aspirations.
“More recently, LPL established a personalized application process that welcomes Atria employees who wish to join LPL to apply for open roles,” the spokesperson said.
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