Wow, this could be good news for all you advisers that continually complain to me about the short-comings of LPL's technology offerings.
It seems the nation's largest independent broker-dealer is adding 50 technology positions on the east coast in Charlotte to create a second IT hub (the other is at LPL HQ in San Diego). That number may ultimately grow to 100 according to their prepared statement today.
In that prepared statement (which I received second from a colleague,
These 50 to 100, which will be added through 2013 will join the “800 employees across a broad range of functions, including compliance, operations, business consulting, and a service center…” that are already based in Charlotte.
LPL Financial (a wholly owned subsidiary of LPL Financial Holdings Inc.) and “its affiliates have approximately 2,700 employees with headquarters in Boston, Charlotte, and San Diego.”
LPL's timing is interesting. I immediately thought of Raymond James, which is in the middle of re-launching its technology platform for advisers.
Imitation is the most sincere form of flattery, right?
No, no, no, I'm sure that is not the case. I am certain this has been in the works at LPL for months, perhaps even before Raymond James had a twinkle in their eye.
I will add one additional thing I found interesting about LPL's prepared statement.
It seems to have originated from an outside public relations firm I have never heard from before, Haven Tower Group LLC.
I will say one thing for them, they are already more responsive than anyone else I have ever dealt with related to LPL. The two gents named on the release have already replied to an e-mail I just sent them.
Another hearty Bravo!