LPL Shares Details on 108 Recruited Reps, Newest Partner & Tech Woes
May 22, 2017 By Janet Levaux, ThinkAdvisor The IBD picked up at least $4.2 billion in assets in Q1'17; earlier this month, its IT network and backup systems went down LPL Financial (LPLA) says it recruited 108 new financial advisors in the first quarter with at least $4.2 billion in assets. The independent broker-dealer also announced plans to give its 14,000-plus affiliated registered representatives access to a variety of Echelon Partners’ consulting services and clarified details on a recent tech outage. Of the 108 reps joining LPL, 50 moved from Cetera Financial Group broker-dealers, including 46 that make up a team previously with Cetera Investment Services. Fourteen left Wells Fargo to go independent, while 10 moved to LPL from MML and seven from Edward Jones. Several reps also went independent from Merrill Lynch, Morgan Stanley...