LPL Financial Pays to Bring Assets Over
June 2015 issue of Rep Magazine By Megan Leonhardt The independent broker/dealer is taking steps to boost its fee-based and advisory business. LPL Financial is offering its hybrid advisors up to $100,000 to shift their assets held elsewhere to LPL’s advisory platforms, according to an internal communication. The firm is rolling out a new Off Platform Asset Conversion Program, which aims to assist dually registered, or hybrid, advisors—defined as those that operate an independent RIA and use the broker/dealer–in transitioning their assets held at other custodians and third-party investment advisor, such as AssetMark and Envestnet, to the firm’s advisory platforms. “We feel LPL has the best custody platform in the industry, and we are proud that our advisors custody the majority of their client assets with LPL,” the firm said in a statement. “Many RIA firms are...