Plus, the Commonwealth advisor diaspora continues with more conversions to Cetera, Osaic, and Raymond James.
'We feel over the moon with this transaction,' LPL's CEO Rich Steinmeier said.
A $50 million lawsuit from Primerica puts the hybrid RIA giant's latest advisor addition under the spotlight, with both firms disputing the facts.
The latest moves include two father-son duos and another advisor parting ways with Commonwealth.
Meanwhile, a Minnesota-based team parts ways with Commonwealth after 31 years, and Wells Fargo snags a three-advisor team managing more than $722 million from Merrill.
The six models, offered in partnership with Envestnet, are designed to help advisors manage affluent and institutional client relationships.
The buyer, Equitable, is looking to grow right now.
Osaic also attracted an experienced Fidelity advisor to an OSJ in New York, while Raymond James reeled in breakaways from Wells Fargo, UBS, and Northwestern Mutual.
Meanwhile, LPL lured a 37-year industry veteran from Raymond James in Alabama, and Bank of America hauled new hires from Wells Fargo, UBS, and Edward Jones.
The broker-dealer giant topped analyst forecasts on the strength of advisor expansion, fee-based asset growth, and capital markets performance.
Raymond James and Osaic have also recruited more Commonwealth defectors in Illinois, Pennsylvania, Colorado, and Florida.
The success of the BDC industry is coming at its own expense, one veteran industry executive told InvestmentNews.
Drawing scores of breakaways with $50 billion in prehire assets, the hybrid RIA co-founded by former Wells Fargo leaders has officially hit the ambitious target set at its inception two years ago.
The fund's exposure to First Brands is about 1.4% of its $1.9 billion total assets, according to company filings.
Cetera is leaning on Summit Financial and its veteran leader Marshall Leeds to reel in those advisors.
LPL's W-2 channel, Linsco, also added a $330 million team from Janney, while Ameriprise's independent unit lassoed advisors from LPL and Wells Fargo.
'Advisors always tell you it's not about the money when it comes to recruiting, but when you see money like that, it's about the money,' one executive said.
The brokerage giant added over one million new brokerage accounts for the fourth straight quarter, while total client assets reached a record $11.59 trillion.
The acquisition marks an important boost to the firm's capabilities.
Raymond James 'has also been getting more love on Commonwealth recruiting success,' one analyst noted.
