LPL Financial's latest list of new financial advisors includes plenty of reps joining from Wells Fargo, Cetera Financial Group and other firms.
The broker-dealer, which shares a full list of affiliated registered reps that join each quarter, just reported that its latest recruiting list includes 136 new advisors – topping last quarter's 128 and the 59 that came on board in the first quarter of 2016.
Fifty-five advisors moved to LPL with over $100 million of client assets, 47 with $50 million to $99 million of assets, and 35 with $30 million to $49 million.
"LPL enjoyed another strong quarter of recruiting, capitalizing on the momentum we have experienced in 2016," Bill Morrissey, head of business development for the IBD, in statement. "Given the regulatory landscape, we recognize that advisors and institutions are seeking stability and a platform for growth."
Advisor Movement
During the third quarter, LPL attracted a group of 18 advisors that are part of a hybrid RIA with $650 million in assets from Voya Financial. The team is based in Albany, N.Y., and does business as Capital Financial Planning.
In addition, 16 advisors moved to the IBD from broker-dealers affiliated with Cetera Financial Group, now led by Robert Moore, the former president of LPL – including First Allied, Cetera Advisor Networks and Summit Brokerage Services.
(Last week Carson Wealth, which has some $2.6 billion of assets with LPL, was reportedly set to affiliate with Cetera.)
