Exciting things are happening over at LPL. While many of their industry peers are hiding their broker headcounts in their quarterly reports, LPL is taking the opposite approach and highlighting theirs. The firm is boasting another record quarter for recruiting, ending Q2 on a high note.
LPL, the largest independent broker-dealer, hit a record number with their roster, with the final headcount coming to just under 22,000. Q2 saw the firm add a net 421 advisors, raising its headcount by 2%. Overall, LPL is seeing substantial growth year-over-year, with a total of 1,071 brokers added to their ranks.
The addition of those brokers resulted in $19 billion in assets, a record high in recruited assets excluding previous periods when a large company or firm was acquired. Their impressive recruiting performance has resulted in a total of $60 billion in recruited assets over the past 12 months, which is up roughly 4% from 2022.
The news of the record-breaking recruiting comes right after the firm announced their plans to acquire Crown Capital, a California-based broker-dealer and registered advisory firm with approximately 260 brokers and $6.5 billion in assets.
The uptick in recruiting performance comes after LPL sweetened recruiting bonuses for fee-based brokers at their rivals earlier this year. The firm raised bonuses up to as much as 100 basis points on AUM.
LPL is showing no signs of slowing down, with LPL Chief Financial Officer Matt Audette saying that the organic growth momentum has continued into the start of the new quarter. They’re a firm to keep an eye on in the second half of the year as they continue to grow and recruit at record numbers.