The $300 billion added year-to-date reflects the success of a “multi-pronged” approach and net positive recruiting, CEO James Gorman told analysts.
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.
“We see many attractive opportunities to deploy capital,” says CEO Rudy Adolf, citing $1 billion to fuel deals in 2021.
Despite rising debt, CI Financial chief Kurt MacAlpine says the Toronto-based asset manager will continue to buy RIAs in the United States.
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.
The firm added 131 advisors last year, down from the 150 who joined in 2019, but CEO Ron Kruszewski forecasted a pick-up in hiring even as a rival warned of increased competition.
Despite shrinking advisor count, UBS Wealth Americas reported record earnings thanks to a boost in fee-based revenue, positive net new assets and loan growth.
Morgan Stanley’s October acquisition of E*Trade spurred a big gain in quarterly trading and net interest income, along with soaring integration costs.
Net new assets rebounded and customer balances hit a record thanks to rising markets and a renewed focus on prospecting by Merrill’s “thundering herd.”
Biggest brokerage firm by number of advisors says its force fell by more than 100 in fourth quarter, but 2020 revenue and profit grew due to rising markets and expense cuts.
Company ratchets up profit margin and productivity goals and introduces new advisor desktop to help achieve them, but stands fast on restraining recruiting.