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LPL Financial pushes toward full-service-on-tap model with its 'virtual' play -- running some real risks in the process

With virtual, digital and OSJ firms making headway, CEO Dan Arnold's move may amend LPL business model or, one recruiter says, be a sop to Wall Street analysts hungering for a new angle

Author Oisin Breen February 20, 2018 at 8:58 PM
no description available
Dan Arnold: This will allow our advisors to spend more time with their clients and grow their business.

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UBS bets its 'wealth' future on ex-Schwabbie Naureen Hassan, a corporate digital A-lister, who analysts give a fighting chance to transcend PaineWebber's ossified culture

Still a $2-billion cash-flow cow, the Swiss bank's 6,000-broker, US-based wirehouse is milking aging broker relationships with aging investors but needs a new kind of human presence, empathy, mindset and smarts to draw in Gen Z.

July 16, 2022 at 1:35 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

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

See more related moves

Mentioned in this article:

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

Private Advisor Group
Specialized Breakaway Service
Top Executive: Frank Smith, Chief Executive Officer

Independent Financial Partners
RIA Serving Other RIAs
Top Executive: William Hamm

Mike Betz, CFP®

Mike Betz, CFP®

February 21, 2018 — 2:47 AM
This isn't an entirely new concept. Ameriprise has been using virtual financial planners overseas for years for it's employee advisors. It's my understanding that the service employs well-credentialed staff, the quality of their work is excellent, and the turnaround is fast. Perhaps LPL is onto something here and virtual assistants is just the beginning. -mtb-
brooke southall

brooke southall

February 21, 2018 — 3:34 AM
Right. And good thing to know and add. But many people consider Ameriprise to be the fifth wirehouse for being a full service broker. It is quite different to get a full-service-style service at an IBD like LPL.
Stephen Winks

Stephen Winks

February 21, 2018 — 4:04 PM
Full service brokerage is a misnomer. Doing anything and everything to help the broker to add value illustrates why it is so important to put prudent process that puts financial services back into the financial services business. SCW.

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