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LPL Financial wages 'war' on Cetera, Securities America and Kestra after they pounced on NPH advisors in wake of sale

Unheard-of packages, tight targeting and unusual timing rock recruiters who marvel at the competitive behavior that has Bill Morrissey escalating an epic battle

Author Lisa Shidler April 12, 2018 at 6:39 PM
no description available
Bill Morrissey launched a 'disruption campaign' with a ferocity that startled some observers.

Ron Edde

Ron Edde

April 12, 2018 — 10:00 PM
LPL got blindsided, but the firm was naive to assume other companies would not pursue NPH advisors. The problem was not only that naivete, but the arrogance that was present in assuming that at least 70% of the advisors would somehow automatically decide that LPL was the best firm for them. Now there is a real possibility that the more lucrative packages LPL is offering to disrupt (lure) the targeted advisors may end up alienating a large segment of their existing FAs.

Related Moves

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

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

Finetooth Consulting
Consulting Firm
Top Executive: Ryan Shanks

Diamond Consultants
Recruiter
Top Executive: Mindy Diamond

Cetera Financial Group
RIA-Friendly Broker-Dealer
Top Executive: Larry Roth

FA Match
Consulting Firm, Specialized Breakaway Service, Recruiter
Top Executive: Ryan Shanks



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