LPL affiliate scooped up more than 140 new advisers in 2011

Wirehouses' loss proved to be a gain for Independent Financial Partners, as the LPL Financial LLC affiliate landed 140 new advisers last year. Staff numbers swelled at Independent Financial Partners, particularly during the second half of the year, as advisers joined up from the likes of Bank of America Merrill Lynch. New recruits also joined from Securities America Inc., Morgan Keegan & Co. Inc. and Edward Jones, bringing the total number of advisers to 406. Independent Financial Partners, which last year earned $56 million in gross dealer concessions, is aiming to add on $30 million more in GDC this year, according to Jennifer Tanck, president and general counsel at the firm. “$30 million is a lofty goal, but we feel we can do that,” she said. “Our existing branches had a lot of recruiting and there was a lot of momentum with LPL recruiters bringing people to the firm.” The new additions came from a mix of firms, but Ms. Tanck noted that some of the Edward Jones recruits came aboard after falling just short of production requirements. “Someone doing $200,000 in GDC is still a great adviser for us to work with in the independent channel,” she added. The firm's focus on retirement plan consulting — the expertise of about a quarter of Independent Financial Partners' advisers — attracted a couple of veteran advisers who specialize in the area. “We can marry the retirement plan advisers to wealth managers and they can work together to capture rollovers,” Ms. Tanck said. “There's a lot of synergy that develops from that model.” Additions as recent as last month include retirement plan advisers Mary Francisco, a Merrill Lynch veteran based out of Santa Barbara, Calif., and Joseph Connell, formerly with NFP Securities Inc. and based in Minneapolis.