It’s been a big year for LPL on the recruiting front. Despite a recruiting slowdown across the industry in the first half of the year that saw the lowest levels since the credit crisis, LPL has seemingly climbed to the top, especially in their efforts to get talent from Securities America Inc.
In the first two quarters of this year alone, LPL has recruited 47 financial advisors from Securities America Inc. In contrast, during 2022, LPL reached a total of 52 recruited advisors from Securities America Inc. over the course of the entire year.
The uptick in Securities America, formerly Advisor Group, advisors looking to jump ship comes as the firm, which is a part of the Osaic network of broker-dealers, begins to consolidate its eight broker-dealers under one roof. The consolidation coupled with the fact that market disruption has led to more advisors looking to change firms has led to big opportunities for firms actively recruiting.
LPL isn’t the only compelling option out there, with other big firms like Osaic and Cetera Financial Group also competing to onboard advisors who are looking for a new place to call home. However, LPL, which is known for being aggressive on the recruiting front, has upped its transition package to try and lure advisors their way — and it seems to be working. Instead of offering bonuses or compensation based on a percentage of annual revenue, the firm has started basing bonus amounts on assets and advisor control, which has resulted in a boost of transition pay packages.
On top of the enticing transition package, LPL is well known for its strong offerings and ability to provide its advisors with the support needed to help run their businesses. As Securities America continues its consolidation efforts, LPL has made itself an intriguing landing spot for advisors who are looking to switch firms.