Advisers on the Move

LPL loses another big team to Securities America

Professional Investors Network, with 70 advisers and $1.7 billion in assets, was affiliated with NPH

Nov 9, 2017 @ 12:03 pm

By Bruce Kelly

Securities America Inc. has snagged another large branch of advisers formerly affiliated with National Planning Holdings, the broker-dealer network LPL Financial bought in August for $325 million.

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.


What do you think?

View comments

Recommended for you

Featured video


Has leaving the broker protocol worked?

Senior columnist Bruce Kelly and deputy editor Bob Hordt review the history of the protocol for broker recruiting, the shake-up in it a year ago and what's been the result for the two big firms leaving it: Morgan Stanley and UBS.

Latest news & opinion

Step one: Withdraw from the broker protocol

Pulling out of the protocol proved to be one part of multipronged strategies by Morgan Stanley and UBS to reduce broker attrition. So far, their plans seem to be working.

11 best islands in the world to retire to

International Living has come up with a list of affordable islands around the world.

SEC tests show investors don't understand disclosure form for brokers, advisers

Investor advocates: Agency still has a lot of work to do on Form CRS

Wells Fargo considering sale of retirement-plan unit

The business could fetch as much as $1 billion, sources say.

Employees can now save in a 401(k) by using a credit card

EvoShare provides workers with credit-card perks in the form of contributions to a retirement plan.


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print