LPL Financial Holdings Inc. was founded in 1989 and is considered the largest independent broker-dealer in the United States. As of 2018 the company had more than 16,000 financial advisors, over $681 billion in advisory & brokerage assets, and generated approximately $5.2 billion in annual revenue for the 2018 fiscal year.
LPL CEO Dan Arnold said it is having an “ongoing dialogue” with the remaining undecided Waddell & Reed advisors ahead of the mid-year closing of the deal.
Wirehouse veterans broke away last week to launch their own practice, Washington Crossing Financial Group, named for the town where they are based.
The nation’s largest independent broker-dealer failed to maintain proper supervision of record retention, fingerprinting and screening of associated persons, consolidated reports.
Broker with more than two decades of experience at Morgan Stanley joins Rockefeller’s fledgling Boca office and 39-year California advisor signs on with RayJay’s Alex. Brown.
Deal adding about 900 Waddell advisors to LPL’s more than 17,000 is expected to close by middle of 2021.
Nate Angelo will oversee 137 brokers in ten offices as one of RBC’s 21 complex directors in the U.S.
Independent broker-dealer is raising transition loans and constructing new payout grids to attract big-firm brokers seeking to run their own advisory shops.
Shift of “office of supervisory jurisdiction” with about 30 advisors servicing $1 billion to LPL follows 10-year affiliation with unit of Advisor Group.
Former CEO of Cetera and president of LPL buys stake in $21.7 billion-asset Private Advisor Group and becomes CEO of the 650-advisor LPL brokerage practice.