LPL Tag

Robert Moore Returns to LPL as CEO of Private Advisor Group

16:41 19 November in In the News by rafferty

November 18, 2020 By Asia Martin, WealthManagement.com The move puts him on the other side of the table at the independent broker/dealer LPL Financial, where he served as president until 2015. Private Advisor Group, the registered investment advisor and office of supervisory jurisdiction affiliated with LPL, landed the seasoned wealth management executive Robert “RJ” Moore as its new top executive, according to an announcement the New Jersey–based RIA made Wednesday. Moore is the former president of LPL Financial and was, until 2019, chief executive officer of Cetera. John Hyland and Patrick Sullivan, the co-founders and managing directors of Private Advisor Group, said they and the rest of the leadership team will report to Moore, a first for a company that has struggled to formalize its executive leadership hierarchy throughout since the duo founded the firm 23 years ago. “John [Hyland] and I are...

LPL OSJ Aims to Lure Wirehouse Breakaways by Covering Moving Costs

16:37 18 November in In the News by rafferty

November 16, 2020 By Mrinalini Krishna, Financial Advisor IQ Independent Advisor Alliance is offering to pay breakaway advisors’ relocation costs to try to entice them away from wirehouses, says Michael Gordon, chief business development officer for IAA. The firm, which is an office of supervisory jurisdiction on LPL Financial’s hybrid RIA platform, is offering to cover the expenses and coordinate with moving companies as a way of differentiating itself in a very competitive market for wirehouse breakaways, says Gordon. While the amount of additional money offered to recruits as part of the package isn’t necessarily enormous, the arrangement is meant to demonstrate a spirit of partnership, he says. IAA’s strategy is premised on the notion that advisors are at present especially keen to leave big cities for the suburbs in response to the pandemic,...

LPL Raises Curtain on New Employee Channel

16:51 19 August in In the News by rafferty

August 5, 2020 By Mason Braswell, AdvisorHub LPL Financial, the largest provider of brokerage services sold through independent contractors, has unveiled a new “channel” for brokers who want to join as employees with more support from the company than their fully independent colleagues. In return for firm-provided technology, office space, benefits and back-office services, brokers who want “ownership of their book of business” but are willing to keep a smaller percentage of fees and commissions can receive grid-based payouts of 50% to 70%, LPL said Wednesday. (The top number requires annual production of at least $5 million.) The payout is lower than the 80% to 92% that independent brokers typically retain, but higher than the 25%-50% range available at most employee-model firms that also provide a wide range of products, research and other services...