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December 29, 2017 at 08:21 AM
LPL Financial has released more details on 71 advisor groups joining it recently following its purchase of the National Planning Holdings’ broker-dealer assets in August.
The latest announcement included firms with between $100 million and $499 million in client brokerage and advisory assets and previously affiliated with Investment Centers of America and National Planning Corp.. Thus, the latest additions are expected to bring a total of between $7.1 billion and $35.4 billion in assets onto LPL’s platforms.
In late December, LPL also said that Northwest Bank is now using its broker-dealer and corporate registered investment advisory platforms. Its advisors served about $1.3 billion of client brokerage and advisory assets as of Oct. 4.
Earlier in the fourth quarter, the independent broker-dealer announced that seven groups moved onto LPL platforms from these broker-dealers, each with between $500 million and $999 million of assets, and four groups from NPH-affiliated firms with a total of $9 billion of assets. These 11 groups moving onto LPL’s platforms, thus, could add between roughly $12.5 billion and $16 billion in combined client assets.
