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A two-person advisor team from UBS has joined LPL to launch LegacyCoast Private Wealth. The team manages about 480 million dollars in client assets and will use LPL's supported independence model, which provides back-office help for advisors who want to run their own firms. This is another small win in LPL's ongoing effort to recruit advisors away from traditional big banks. While this specific move is small compared to the 2.6 trillion dollars LPL already manages, the steady flow of new teams confirms that its platform remains the top choice for advisors looking to go independent.
Source: GlobeNewsWire
FHT Advisors and Impel Wealth Management have joined LPL's platform, bringing about 1.15 billion dollars in combined client assets. The teams are moving over from Cetera, a rival firm that also provides services to independent financial advisors.
LPL grows by acting as the back-office and technology engine for independent advisors. Winning large teams like these is the primary way the company expands its scale, which in turn allows it to spend more on the tools and compliance systems that attract the next round of advisors.
Source: GlobeNewsWire
Sound Foundation Wealth Advisors has joined LPL's broker-dealer and investment advisor platforms. The team manages about 700 million dollars in client assets and was previously with Cambridge Investment Research Advisors. This move continues a steady stretch of independent teams choosing LPL's scale and technology over smaller rivals.
Source: GlobeNewsWire
Contour Wealth Management has joined LPL's platform, bringing about 390 million dollars in client assets from a rival firm. This move adds to the steady stream of advisors who use LPL for its technology and back-office support. While this single team is small compared to the 2.6 trillion dollars LPL manages, these wins are the core of the company's growth. Each new advisor who joins brings a pool of assets that generates recurring fees for LPL's platform.
Source: GlobeNewsWire
Anchor Financial Partners has moved its practice to LPL from Northwestern Mutual. The team manages about 525 million dollars for its clients. This is a routine win for LPL, which acts as the back-office and technology provider for independent financial advisors. The company grows by convincing teams like this to leave traditional banks and insurance firms in favor of its independent model.
Source: GlobeNewsWire
Management has cleared its own profit targets for eight straight quarters, showing they have a firm handle on their costs even as they rapidly absorb smaller firms.
| Expectation | |
|---|---|
| EPS | $6.02 |
| Revenue | $5.46B |
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