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LPL fires $10 billion RIA in Kansas City with both parties happy to keep the rift's cause out of view

With fiduciary rules, the economics of RIA custody and LPL fresh off a CEO departure, Resources Investment Advisors Inc. with $4 billion of its own and $6 billion of affiliated assets, declines to say if it's found a new home

Author Janice Kirkel
February 3, 2017 at 7:17 PM
no description available
Louis Diamond: It’s a black eye to the new CEO, especially with all the rumors of a sale.

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Another RIA whisperer, Julian Lopez, has left Schwab Advisor Services after 24 years to join LPL, which he sees as more advisor-focused and 'entrepreneurial'

The Houston executive, like Kelly Smith in Chicago, was considered a key service talent for RIAs though Lopez says his circumstances differ.

February 23, 2023 at 8:14 AM

Executive shake-up and staff hiring binge change Dynasty Financial Partners' talent mix, with Todd Thomson, Scott Welch, Ed Friedman and 12 women as headliners

The St. Petersburg-based producer of 'synthetic RIA scale' will continue to aggressively hire and adjust its talent ranks as it readies for next growth push.

September 24, 2019 at 2:02 AM

LPL Financial tries to solve two 'digital' problems with one new hire; the broker-dealer admits high 'friction' with clients for onboarding and matching them to the right annuity

Ashish Braganza puts LPL in to the data game but critics wonder whether the belated hire comes with too small a budget and team

July 25, 2019 at 6:18 PM

As Bob Oros-led HighTower reboots, it bags an ex-Goldman RIA, hires two, makes a CMO imminent, and clarifies mission

The new CEO will need to somehow weave together the debris of the first roll-up run and the new one to the satisfaction of RIAs and the hundreds of people already inside the HighTower umbrella

March 20, 2019 at 11:32 PM

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Mentioned in this article:

LPL Financial
RIA-Friendly Broker-Dealer, RIA Welcoming Breakaways, Advisory Firm
Top Executive: Dan Arnold

Diamond Consultants
Top Executive: Mindy Diamond

Carson Group
Consulting Firm
Top Executive: Ron Carson

Hoosier Counsel

Hoosier Counsel

February 3, 2017 — 10:25 PM
So let me understand...an LPL adviser admits in the last paragraph of an article he knows nothing about the firm or any of its employees. However, he is quoted as having the knowledge the firm is not profitable and allowed to speculate the firm may have been terminated as a result of compliance concerns. That's considered a credible source for a news article???
brooke southall

brooke southall

February 4, 2017 — 1:19 AM
The comments were made in two contexts. The first was speculative about the business. The second was more personal. That said, I agree that those quotes are complicating and we undermine the credibility of our source. I removed both quotes.
Hoosier Counsel

Hoosier Counsel

February 4, 2017 — 1:58 AM
I hope my comments were not seen as an indictment of the reporter or your publication. I understand your blog relies to some extent on industry rumors and, in some circumstances, they may prove to a valid starting point for getting to the truth. My point was that a person who is unfamiliar with the firm or the situation should be more careful about alleging facts regarding either. If there was a compliance concern with the firm, it would seem LPL would have had a duty to note it on the principals' U5s. Similarly, it seems unlikely a firm could grow to $4 billion in AUM without being profitable. There obviously appears to be more to this story, and Mr. Morris indicated he would be able to reveal more in the near future. Hopefully, we will learn the true facts then.

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