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.
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.
LPL-affiliated OSJ adds $1.65-mln family trio in W. Va./Fla. from Wells’ employee channel, Washington State OSJ abandons two-decade affiliation with Penn Mutual unit for Royal Alliance.