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LPL Financial spends big on recruiting in 2019

21:21 25 February in In the News by rafferty

February 24, 2020 By Bruce Kelly, Investment News As LPL Financial looks to broaden its recruiting reach this year, it is putting its money where its mouth is: The firm reported a 44.8% increase last year in recruiting bonuses that are used to entice financial advisers to leave a competing broker-dealer and set up shop with LPL. According to its 2019 annual report, which was filed with the Securities and Exchange Commission Friday, LPL reported a balance of $338 million in forgivable loans at the end of 2019, compared to $233.3 million at the end of 2018. LPL defines the loans, also referred to as forgivable notes in the industry, as “made in connection with recruiting” and “forgivable over terms of up to 10 years provided that the adviser remains licensed through LPL Financial.” LPL’s...

Financial Advisor IQ a Financial Times Service

B-D Recruiters Poised to Scoop Up Unhappy FAs in Mega-Merger Fallout

21:55 14 February in In the News by rafferty

January 20, 2020 By Mrinalini Krishna, Financial Advisor IQ Broker-dealer recruiters are getting set for a big year of advisor movement off the back of last year’s mega-mergers. The last quarter of 2019 rounded up with the announcement of two mega-mergers — Charles Schwab’s acquisition of TD Ameritrade and the Ladenburg Thalmann-Advisor Group deal. At that time, many recruiters considered those announcements opportunities for competitors to lure any unhappy advisors left in the wake of those unions. And some broker-dealer recruitment bosses agree. The Ladenburg Thalmann-Advisor Group deal LPL Financial’s managing director and divisional president of business development Rich Steinmeier is confident of the firm’s chances of nabbing independent advisors, especially in the aftermath of the Ladenburg Thalmann and Advisor Group deal. “Traditionally, when you see a firm change hands, there usually is an increased number...