LPL on a recruiting roll

NOV 04, 2012
LPL Financial Holdings Inc. expects continued success in recruiting large groups of brokers and financial advisers to its platform. Since August, LPL Financial LLC, its broker-dealer subsidiary, has added five large groups of advisers with assets under management between $175 million and $2 billion. In total, those five adviser groups control almost $4.4 billion in client assets.

"PIPELINE STRONG'

“We do see the pipeline strong, and there are more large practices on the move,” said Dan Arnold, the company's chief financial officer. He made his comments last Wednesday while speaking about LPL Financial Holdings' third-quarter results. For the quarter, net revenue increased 2.8%, reaching $907.2 million. Net income for the quarter, however, slipped 5.8% to $34.3 million, or 31 cents a diluted share. LPL advisers are busy fielding investors' questions regarding political issues such as tomorrow's election and the coming decisions over tax policy, Mr. Arnold said. Resolving those questions will be beneficial to investors, he said. And despite its success in recruiting advisers, LPL Financial's head count decreased during the third quarter by 15. It stands at 13,170. Mr. Arnold attributed that result to a bank's decision to internalize its broker-dealer operations, shifting 181 representatives and advisers from LPL's platform to its own. He declined to name the bank but said that that information will be released soon. [email protected] Twitter: @bdnewsguy

Latest News

Envestnet launches redesigned trading platform for advisors
Envestnet launches redesigned trading platform for advisors

Envestnet Wealth Trading replaces legacy FolioDynamix tools with a unified platform built for portfolio-wide rebalancing

Orion hits asset milestone, ramps up Denali AI capabilities
Orion hits asset milestone, ramps up Denali AI capabilities

“It's important for our AI solutions to flex into different client needs,” said Orion CEO Natalie Wolfsen.

Beyond performance: Evaluating alternative investments
Beyond performance: Evaluating alternative investments

The same idiosyncrasies that make alts attractive to investors also heighten the importance of due diligence for advisors and firms.

Sensitive-data lapse at SEC intensifies calls to strip CAT of retail investor identifiers
Sensitive-data lapse at SEC intensifies calls to strip CAT of retail investor identifiers

ASA says OIG probe into leaked case files proves personal data poses ongoing risk.

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

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income