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LPL Suitors Most Likely PE Firms

16:39 15 October in In the News by rafferty

October 13, 2016 By Dan Jamieson, Financial Advisor The most likely potential buyer for LPL Financial -- assuming a deal is done -- would be a private equity firm, observers say. And LPL reps say they’d be fine with that. Reuters reported Tuesday that LPL, the largest independent broker-dealer in the United States, is exploring strategic alternatives, including a potential sale. The news service cited unnamed sources who were familiar with the matter. LPL is working with investment bank Goldman Sachs Group Inc. on a sale process that has attracted other companies and private equity firms, Reuters reported. LPL and Goldman Sachs both declined to comment. As owners, private equity firms would solve LPL’s difficulty in trying to meet Wall Street’s growth expectations, said Dan Seivert, chief executive of Echelon Partners, a mergers and acquisitions consultant. “The goal for the...

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LPL Shares Details on New Mutual Fund-Only Accounts

17:49 17 August in In the News by rafferty

August 12, 2016 By Janet Levaux, ThinkAdvisor   The new accounts deliver 'cost benefits of direct business but with the ability to supervise that comes with LPL custody,' the firm says. LPL Financial is sharing details with its affiliated independent financial advisors about the new mutual fund-only brokerage account it expects to roll out in the first quarter of 2017. The firm says that new type of account “delivers cost benefits of direct business but with the ability to supervise that comes with LPL custody,” according to a statement: It will have no IRA custodial fees or trading costs, should have an upload charge of 3 to 3.5% with a trail payment and is set to include a selection of products offered by mutual fund families. LPL adds that it is “working with sponsors on potential...

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LPL Sees Big Uptick in Recruited Reps

17:40 17 August in In the News by rafferty

August 10, 2016 By Janet Levaux, ThinkAdvisor   A large number of advisors moved to the IBD from Cetera Financial, Advisor Group and other broker-dealers. LPL Financial (LPLA) dramatically increased its recruiting results in the second quarter, attracting 128 affiliated advisors vs. 59 in the first quarter of 2016. The greatest number of recruited advisors, 48, join LPL with individual or team practices that have $100 million or more of client assets. Forty advisors have made the move with $50 million to $99 million of client assets, while the remaining 40 reps have from $30 million to $49 million. “We experienced another strong quarter for recruiting,” said Bill Morrissey, head of business development for the independent broker-dealer, in a statement. A sizeable number of the recruited advisors, 15, moved to LPL from Cetera Financial Group, while nine...