LPL Looks Beyond Indie Roots with New Employee Channel
May 22, 2019 by Mason Braswell and Jed Horowitz, AdvisorHUB LPL Financial, the nation’s largest independent broker-dealer, will use its acquisition of Allen & Co. of Florida to seed a new business channel of brokers who work as full-time employees, executives said on Wednesday. LPL announced its plan to buy Allen, which has about 30 brokers servicing $3 billion of client assets, after the market closed on Tuesday. It followed Wednesday with an outline of how it hopes to attract advisors from traditional firms with higher payouts, albeit fewer services, than they are used to.“This is the largest segment of the marketplace, and one we have not traditionally pursued,” LPL business development head Richard Steinmeier said at LPL’s Investor Day presentation in New York on Wednesday. Steinmeierjoined LPL last year from UBS Financial Services,...