LPL Recruits 72 Advisors in 2Q17, Nearly 21 Percent from Wells Fargo
LPL Financial LLC, the nation’s largest independent broker-dealer, signed 72 advisors in the second quarter of 2017, with approximately 21 percent joining from wirehouse Wells Fargo Advisors.
Fourteen advisors who each oversee $100+ million in client assets joined the firm, including two previously affiliated with Wells Fargo. There were 22 advisors with between $50 million and $99 million in client assets who jumped to LPL, including six from Wells Fargo. In the $30 million to $49 million range, the firm recruited 36 advisors, with seven from Wells Fargo.
“We have found that LPL’s ability to adapt to change has been a strong differentiator in the marketplace,” said Bill Morrissey, LPL managing director and divisional president of business development. “We have proactively leveraged our intellectual capital to develop product and platform strategies that support our advisors ability to succeed in a challenging market.”
LPL released it second quarter 2017 financials last week, as reported by The DI Wire.
LPL is the nation’s largest independent broker-dealer based on total revenues and provides proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 14,000 independent financial advisors and more than 700 financial institutions. The company served approximately $542 billion in brokerage and advisory assets as of June 30, 2017.