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.
Robert Samson, whose job was eliminated as part of a regional restructuring at Wells, will be focused on recruiting for Stratos in the Chicago area, he said in an interview.
The Wells team, led by 47-year industry vet Larry Boggs, is the eighth group to join LPL’s Strategic Wealth Services since the channel’s launch last April.
The case reflects what compliance officials say is a heightened regulatory focus on brokers who engage in outside business activities without notifying their employers.
The 10-person Chicagoland team had been managing $1.2 billion in assets, according to an announcement.
Brokers’ firing over “failure to follow firm Covid policy” highlights the broad challenges that firms face in enforcing covid policies across their disparate sales forces.
TSG Wealth Management, a $4.6 billion practice, claims the broker, Rahamin “Rocky” Suares, a 38-year industry veteran in Southern California, promised to retire as part of a $3-million deal but instead has been soliciting clients to move to his new firm.
Among the 900 Waddell & Reed advisors, those serving 95% of client assets have committed to transferring to LPL, the executives said.
Broker and two support staff mark the seventh team to join LPL’s ‘Strategic Wealth’ channel aimed at wirehouse brokers.
Five former Chase Bank branch advisors in Illinois who left this month had already convinced 48 clients with $59 million in assets to join them at their new firm, the bank claims.
NorthEnd Private Wealth, led by four former Merrill Lynch brokers in Greenville, S.C., is the sixth team to join LPL Financial’s Strategic Wealth Services model.
Broker who fabricated documents to help clients avoid annuity surrender fees agrees to two-year suspension and $10,000 fine.