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Advisor Group Nabs LPL Exec to Lead Wealth Unit

15:42 31 March in In the News by rafferty

March 31, 2020 By Janet Levaux, ThinkAdvisor The Advisor Group of independent broker-dealers, which completed its purchase of the Ladenburg Thalmann in mid-February, says it has hired a former executive from LPL Financial and made a series of other leadership shifts. Gregory Cornick is now Advisor Group’s president of Advice and Wealth Management. He was with LPL for the past six years and served as executive vice president, treasurer and head of Corporate Development and Advisor Financial Solutions. (LPL is self-clearing, while Advisor Group and Ladenburg firms are dual clearing.) But Jamie Price, president and CEO of Advisor Group, insists the role being assumed by Cornick was “on the docket” prior to the Ladenburg deal. “We want to continue to forge the senior leadership team to drive our growth strategy …, and that’s not defined by...

Financial Advisor IQ a Financial Times Service

Rising Loan Levels Reflect Big Recruiting Push At Stifel, LPL

17:38 27 February in In the News by rafferty

February 26, 2020 By Mrinalini Krishna Big jumps in advisor loans reported by Stifel Financial and LPL Financial reflect concentrated recruiting efforts at those shops that can set the tone across the industry, recruiters and company executives say. Stifel, for its part, issued $213.2 million in up-front transition support loans to advisors who joined its ranks last year, recent filings show. That level represents a 77% surge compared to 2018 and the most the firm has extended since 2015, when it logged $240.8 million in advisor loans issued. At that time, nearly three-quarters of the total, or $174.8 million, went to “associates of acquired companies for retention,” the firm’s 2015 annual report indicates. Stifel acquired 1919 Investment Counsel in 2014 and a year later picked up Sterne Agee and Barclays’ U.S. wealth and investment...

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LPL Financial spends big on recruiting in 2019

21:21 25 February in In the News by rafferty

February 24, 2020 By Bruce Kelly, Investment News As LPL Financial looks to broaden its recruiting reach this year, it is putting its money where its mouth is: The firm reported a 44.8% increase last year in recruiting bonuses that are used to entice financial advisers to leave a competing broker-dealer and set up shop with LPL. According to its 2019 annual report, which was filed with the Securities and Exchange Commission Friday, LPL reported a balance of $338 million in forgivable loans at the end of 2019, compared to $233.3 million at the end of 2018. LPL defines the loans, also referred to as forgivable notes in the industry, as “made in connection with recruiting” and “forgivable over terms of up to 10 years provided that the adviser remains licensed through LPL Financial.” LPL’s...