36 recruiting moves, billion-dollar deals and other indie news
Wealth management earnings may be tumbling, but that hasn’t slowed the rising number of recruiting moves and M&A deals.
At least 542 registered representatives managing $34.4 billion in client assets switched their broker-dealers in nearly 150 recruiting grabs announced by independent firms so far this year, according to Financial Planning’s tracking.
The 36 moves, executive appointments, M&A deals, company earnings, tech integrations and other indie news below reflect a sector of wealth management that is adapting to a time of smaller interest revenue on lowered rates and equity impacts from the coronavirus pandemic. It’s a period marked by turmoil and dealmaking.
Take LPL Financial, Raymond James and Ameriprise, for example. After the second quarter, their wealth management units reported net incomes had fallen by around 30% year-over-year due to the effects of the pandemic. The firms’ recruiting figures showed mixed results in the altered conditions.
LPL has added a net 812 advisors in the past 12 months, while the Raymond James Private Client Group has recruited a net 251 over the year-ago period. Both are adding to their record headcounts each quarter. Ameriprise’s Advice & Wealth Management headcount, on the other hand, slipped by 57 advisors even though it recruited 75 in the quarter.
To catch up on the latest recruiting, M&A and other news in the indie space, scroll down our slideshow. To see where things stood last month, click here.
Note: All dates of advisor moves refer to the ones listed on FINRA BrokerCheck rather than the timing of the announcements.