Part of the Ladenburg Thalmann Financial Services Inc. network of broker-dealers, Securities America, on Thursday morning said it had recruited Professional Investors Network, a large branch based in Connecticut with 70 financial advisers and $1.7 billion in client advisory and brokerage assets, according to a press release. Professional Investors Networks advisers, led by managing partner Bill Brice, were formerly registered with National Planning Corp.
Since LPL announced the NPH acquisition, competition has been fierce for the 3,200 advisers in the network who oversee $120 billion in client assets. In the face of the stiff competition from the likes of Securities America, LPL said on Wednesday during an investor presentation that – in the initial phase of moving advisers from two of NPH's broker-dealers – it was on track to transfer 70% of adviser revenue.
An LPL spokesman, Jeff Mochal, said that the company was not commenting on NPH advisers and their moves.
Securities America, with 2,200 advisers and nearly $72 billion in client assets, recently has been a thorn in LPL's side when it comes to recruiting. At the start of this week, another National Planning Corp. branch, Elite Financial Network, an independent hybrid RIA whose 35 advisers manage $744 million in advisory and brokerage assets, had switched affiliations to Securities America. And last month, Priority Financial Group, a large hybrid branch managing $1.35 billion in brokerage and advisory assets, switched its affiliation from LPL to Securities America.
In a press release, Mr. Brice said that Professional Investors Network planned to "aggressively expand" with top advisers in the future.