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.
Bradley R. Thompson, a 22-year broker now with Kovack Securities, was successful in expunging from his record a 2016 violation from LPL Financial over an “infraction of firm policy concerning loans.”
Francis Ciocari, who had logged eight years at Morgan Stanley and 15 at Merrill Lynch prior to that, managed $300 million in client assets, according to an announcement.
Duo in Richmond, Virginia, are the fifth team to join the ‘Linsco’ channel that opened its doors one year ago.
A boat moving through waters near the Bahamas? A Harley-Davidson at the Sturgis motorcycle rally in western South Dakota? Or just beside your pool? In the remote era, the next frontier is still a question mark.
Broker who generated around $5.5 million in annual revenue ramped up exit plans after Oppenheimer managers caught wind of his impending departure, according to a source familiar with the move.
Dan Arnold, who leads the nation’s largest independent broker-dealer, criticized wirehouses for treating advisors as cost centers and raised concerns about channel conflict for major custodians.
LPL Financial’s $35 billion in recruited assets brought onto its platform in the second quarter, spurred by recent additions from BMO Harris Financial Advisors and M&T Bank, was more than triple the amount reported in the year ago quarter.
The three-broker Los Angeles-based team, which had managed $700 million in client assets, has reassembled at LPL Financial’s fledgling channel for wirehouse breakaways.
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.