In the News

Who’s Moving to LPL?

March 7, 2017

By Janet Levaux, ThinkAdvisor

The number of reps joining the firm was way up in the fourth quarter, but new assets are not showing a similar spike

As it does each quarter, LPL Financial is providing the names of financial advisors who’ve recently affiliated with the independent broker-dealer. The list includes several large groups of registered reps and the names of individual advisors who have joined from a wide variety of firms.

Despite the long list of new FAs, though, the IBD said net new assets coming over from new clients and advisors grew just 2% in the fourth quarter of 2016 from the prior quarter and only 1% from the earlier year. This includes both advisory (fee-based) and brokerage (commission-based);

Dan Arnold, LPL’s new CEO, to be in the spotlight during earnings call

February 8, 2017

By Bruce Kelly, Investment News

After a tough first month on the job, Mr. Arnold will need to be in “damage control mode” as he faces analysts and investors for the first time, according to an industry recruiter

It’s been a tough first month on the job for Dan Arnold as the CEO of LPL Financial.

First, two huge groups of brokers controlling billions of dollars in client assets, including star adviser Ron Carson, in January left the firm. Next, Secretary of the Commonwealth of Massachusetts William Galvin, long a thorn in LPL’s side, whacked the firm last month with an order to pay up to $3.7 million in restitution and fines to investors as the result of an investigation into sales of unsuitable variable annuities by a former top-producing rep based in Boston.

Ron Carson Completes Move From LPL to Cetera

January 19, 2017

By Janet Levaux, ThinkAdvisor

The wealth management group has over $6.5 billion in assets on its RIA platform and other operations

Carson Wealth Management has switched broker-dealers, two months after news leaked that the team was making the move.

Led by Ron Carson, the group has been affiliated with LPL Financial since 1989. Its website now says it trades securities through Cetera Advisor Networks and has 13 wealth advisors.

Carson Wealth had $2.6 billion of assets with LPL, $1 billion on its advisory platform and $1.6 billion on its brokerage platform, as of Oct. 31; according to Forbes, the advisor and affiliated organizations work with $6.6 million in total assets.

Cetera Financial Group is currently lead by Robert Moore,