Will LPL’s New NPH Reps Stay or Go?
August 15, 2017 By Janet Levaux, ThinkAdvisor LPL Financial said Tuesday that it bought National Planning Holdings’ four broker-dealers — National Planning Corp., Invest Financial, Investment Centers of America and SII Investments — for $325 million. The independent broker-dealer aims to pick up about 3,200 advisors with $120 billion of client assets—putting the combined group at 17,500 and $660 billion in assets. LPL says it will pay up to $123 million more in the first half of 2018 if 72% of NPH advisors’ production (fees & commissions revenue) joins the company. It’s worth noting, that LPL reserves the right to “not transfer a small subset of representatives who do not meet certain affiliation criteria,” according to a memo sent to NPH advisors and obtained by ThinkAdvisor. Plus, LPL says the NPC and ICA reps will...
