News, Vision & Voice for the Advisory Community


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.

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.

Related Moves

April 10, 2024 at 2:54 AM

Christa Carone, an ex-Fidelity and Xerox marketing whiz, steps onto a slippery slope at LPL with a daunting task -- to consolidate a NASCAR size brand portfolio... or not?

With no CMO since August, the chief marketing officer will play catch up for a company still hungry to buy more branded B2B and B2C players.

April 2, 2024 at 1:28 AM

LPL makes 'Sixth Sigma black belt' ex-wirehouse counsel its chief legal officer, right after purchasing another full service broker. LPL says there is 'no connection,' and she was poached from Google

The Fort Mill S.C. broker dealer added Crown Capital Securities' captive brokers in Orange County, and is hiring Althea Brown, fresh off 11 years at Google

July 28, 2023 at 3:11 AM

Rich Steinmeier power poaches Jeremy Holly, who returns to LPL as EVP to head Dan Arnold-directed 'liquidity' project to buy -- but not hold -- LPL firms

Holly had bolted LPL for SageView with fanfare but he retained a fanbase back in San Diego which dreamed up a dream job for him

July 7, 2023 at 9:36 PM

See more related moves

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

RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING

RIABiz Directory sponsored by:

Directory Sponsor Logo