Fierce IBD competition: 27 moves, M&A deals — and even the Rolling Stones
The largest recruiting announcement of the year so far stands out in a roundup of recent news shaping the independent broker-dealer sector.
Private Advisor Group — an LPL Financial hybrid RIA with more than $19 billion in assets under management — recruited more than a dozen advisors from one of the No. 1 IBD’s top rivals. While it found itself bidding goodbye to a major team, Raymond James has also taken proactive steps to build up its next generation of advisors for the future.
Business development in the IBD channel often comes from high-profile recruiting moves that remain the lifeblood of an industry focused on the movement of assets from one platform to another. They also flow from M&A, organic growth and any number of services or resources that BDs, custodians, insurers, tech vendors and other stakeholders provide to advisors.
It’s no wonder, then, that these nearly 30 announcements below run the gamut from an education organization for annuity writers and fund companies sponsoring the Rolling Stones to a midsized IBD with a new podcast network. The complex equations that decide where advisors and assets are going could revolve around all kinds of factors in one practice or another.
And, judging simply based on the public announcements tabulated by Financial Planning, LPL is galloping ahead. While competitors have unveiled only one ex-LPL team that affiliated with a new IBD firm in 2020, LPL has disclosed at least 12 practices that dropped a rival for the No. 1 IBD. It comes after LPL also added a record $35 billion in recruited client assets last year.
To make sense of a noisy, fast-changing sector, scroll through the following 27 briefs to get up to date. For last month’s roundup, click here.
All AUM, client asset and office of supervisory jurisdiction figures come from the firms in question. All information about dates of new affiliations are from FINRA BrokerCheck.