After LPL deal, $1.3B National Planning firm bolts for Commonwealth
October 19, 2017 By Tobias Salinger, FinancialPlanning A father-son firm managing $1.3 billion in client assets opted for Commonwealth Financial Network rather than remaining with National Planning through the transition of its advisors to LPL Financial. Stuart and Michael Paris of Paris International “would have never left” National Planning if the firm’s assets had not changed hands in LPL’s big recent acquisition, Michael Paris said this week. The Great Neck, New York-based firm chose the fourth largest independent broker-dealer over the largest one. LPL’s Aug. 15 purchase boosted its own prospects while helping recruiting efforts for its competitors. The boutique-like model of Commonwealth stands as an alternative to increasingly large firms like LPL in the bifurcating IBD space, a study found earlier this month. LPL is too big for Paris, Michael Paris says. “It’s a...