Articles tagged "LPL Financial"
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LPL closes Commonwealth deal while shares tumble; and warns that moving FAs from Fidelity's clearing will take two extra quarters, and the deal triggered mass due-diligence on RIA model
CEO Rich Steinmeier is openly thrilled to get the Commonwealth acquisition over the line; investors can look forward to a 245% bump to its EBITDA, once fully integrated, he says.
August 2, 2025 at 12:45 AM
Two Things: Avantis follows LPL as B2B seller that is advertising directly to its very B2C users' users; Envestnet sees yet another 'RIA' executive pop up at a rival as it embarks on its own HR fresh start
The improbable Los Angeles DFA-like, ETF-maker is micro-advertising to retail, while AssetMark shows, again, the intensity of its post take-private willingness to take action
July 30, 2025 at 2:44 AM
After merger shock, LPL staff apologized to Ralph Angelo for blindside, which he now gladly accepts as first major recruit under LPL-Commonwealth combo
The founder of $1.5 billion Angelo Planning Group (APG) found out LPL was acquiring Commonwealth the same day he joined Commonwealth -- a switch precipitated by Osaic's merger with American Portfolios
June 13, 2025 at 10:49 PM
LPL CEO claims 'prize' 'anti-LPL' Commonwealth for just $2.7 billion, but the price will rise, experts say, to retain its advisors conditioned to know LPL as a place with subpar service, culture
Only about four months into his job, Rich Steinmeier pulled off a coup, but poachers may smell blood, too.
April 1, 2025 at 12:55 AM
LPL Financial files S-3 to raise $4 billion after new CEO takes reins with 'bold aspiration' to lead the 'advisor marketplace' across 'all of wealth management'
New CEO Rich Steinmeier needs capital to move upmarket but promises 'organic' emphasis as shares in company hold steady in market downturn.
March 4, 2025 at 2:44 AM
2025 will be the year of 'Under New Management' in RIA business, after 2024 brought profusion of CEO-level fires, hires and deals
First seven CEOs were replaced, then myriad big HR dominoes fell as Vanguard, Schwab, Envestnet, InvestCloud, LPL, Cetera and Orion all switched out CEOs and presidents
January 2, 2025 at 10:49 PM
Rich Steinmeier turns big page on Dan Arnold era at LPL with 'pivot' promise to stop managerial dictating -- not long after LPL removed RIA hurdles to custody at Fidelity, Schwab and other rivals
LPL shares shoot skyward after the new CEO hints at revamped culture, spikes Wall Street meeting with jocularity and delivers the earnings goods.
November 1, 2024 at 1:57 AM
Dan Arnold is gone as LPL CEO, but his leverage to negotiate a settlement is apparent as LPL tells SEC it is deferring exercise of 'automatic forfeiture' of some vested options
Analysts stunned, seeking further clarity from LPL on future leadership, are reassured by company that 'no further shoe will drop'
October 3, 2024 at 3:08 AM
Dan Arnold steps down as LPL CEO, under a cloud, effective immediately; Steinmeier steps in as interim CEO
Well-regarded, Steinmeier has been LPL's go to player, after he was promoted to chief growth officer in May
October 1, 2024 at 8:42 PM
LPL Financial had a very rough week, despite BoA analyst intervention, as investors dumped shares with abandon and lawsuits piled up
'Cash' lawsuits are piling up, and even Ameriprise singled it out for alleged bad faith, while the stock fell 7.77%, just on Friday.
August 3, 2024 at 1:13 AM
LPL CEO calls out big RIAs that flunk 'core principles' and cuts ties with Merit Financial, which revealed fresh disclosures in it's June ADV regarding Fidelity as custodian
Dan Arnold derided the idea of 'captive' advisors; analysts still call the break-up a 'headscratcher'
August 2, 2024 at 12:53 AM
Envestnet's shares soar on Reuters report about 'receiving interest' for takeover, the latest in a line of reported attempts
The Berwyn, Pa., firm, dogged by activist investors and minority shareholder, BlackRock, is getting more active.
April 16, 2024 at 7:22 PM
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
Dan Arnold is using force and finesse to make LPL a deal machine -- giving Atria and its brokers incentives to come aboard and Fidelity and Pershing a reason to play ball
The soon-to-be 24,000-advisor Fort Mill broker-dealer will keep existing custodians (for now), pay big retention bonuses and a generous deal kicker to Atria if it all transfers well
February 24, 2024 at 3:35 AM
LPL Financial bristles about proposed DOL rule, but roaring recruiting, including of 401(k) advisors, bodes well for 2024, according to top LPL executives
The Fort Mill, S.C., broker-dealer -- and recordkeeper -- is making strong pitch to 401(k) advisors with retirement plan expertise and rollover 'tool kit' of services.
