LPL acquisitions on back burner, exec says

Acquisitions are not the first priority for LPL Financial, a top executive said today. Last week, LPL Financial of Boston said in its quarterly report that the company plans to focus on "strategic acquisitions InvestmentNewsMay 19." But today, William Dwyer III, president of independent advisor services for LPL, said he would not comment about any potential deals to buy broker-dealers and downplayed acquisitions. Mr. Dwyer spoke at the Securities Industry and Financial Markets Association’s Independent Firms Conference in Chicago. SIFMA has offices in New York and Washington. Making the firm stronger by concentrating on its existing 11,100 advisers is LPL’s first priority, he said, followed by recruitment. Eighty percent of LPL’s growth last year came from its existing advisers, said Mr. Dwyer. In 2007, LPL Financial was the most aggressive independent broker-dealer when it came to buying firms. It made five acquisitions, spending $235.7 million. LPL is the largest independent-contractor broker-dealer in the industry, reporting $3 billion in revenue.