LPL continues to make gains in recruiting

LPL Investment Holdings Inc. continues to recruit heavily this year.
NOV 15, 2009
LPL Investment Holdings Inc. continues to recruit heavily this year. Excluding the recent move of financial advisers from three broker-dealers in the LPL Network to LPL Financial, the firm added 915 advisers during the one-year period ended Sept. 30. That represents an increase of 8% over the previous 12-month period, the firm reported last week in its third-quarter earnings report. “We've continued to have a good year” in recruiting, said chief financial officer Robert Moore, though he added that the past few months have seen a slight falloff from the “torrid pace” of the first half of 2009. LPL posted a loss of $1 million for the third quarter, due largely to restructuring charges. A year earlier, the company reported net income of $17 million. The restructuring charges stem from moving 1,200 representatives in September from three broker-dealers onto the self-clearing -platform of LPL Financial, the biggest broker-dealer in the LPL Network. LPL said that the restructuring charge for the move was $25 million after taxes. Without the charge, LPL's earnings would have been 40% above those for the third quarter of 2008, the firm said. For the first nine months of this year, LPL's net income was $29 million, down from $43 million a year earlier. Revenue for the first nine months this year was $2 billion, down 17% from a year earlier. E-mail Bruce Kelly at [email protected].

Latest News

FINRA fines Vanguard $950,000 over decade of cost basis errors
FINRA fines Vanguard $950,000 over decade of cost basis errors

Faulty Forms 1099 and account statements reportedly left some Vanguard brokerage customers overpaying or underpaying taxes for over a decade.

More ETFs, more opportunity, more homework
More ETFs, more opportunity, more homework

The democratization of ETFs cuts both ways

Advisor moves: Raymond James, Baird add significant teams in latest recruiting push
Advisor moves: Raymond James, Baird add significant teams in latest recruiting push

Independent broker-dealers snap up experienced advisors as competition for established practices intensifies.

Wells Fargo names COO Scott Powell as its next chief risk officer
Wells Fargo names COO Scott Powell as its next chief risk officer

Derek Flowers, a nearly 30-year veteran, is set to retire in mid-January, handing the reins to the executive who helped lead the bank's regulatory turnaround.

Ameriprise runs advisor ads on ESPN, Golf Channel, CBS
Ameriprise runs advisor ads on ESPN, Golf Channel, CBS

The campaign spans broadcast TV and streaming, as the brokerage faces slowing client net flows and an $8.1 billion advisor team that left to launch an RIA this month.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains