LPL Financial

Bleakley Financial Group also picked up an ex-hedge fund portfolio manager while expanding its national footprint.

The No. 1 IBD has completed three of the sector’s 10 largest recruiting moves of the year.

Lower transaction costs can often come with higher expense ratios at the nation’s largest IBD.

The latest roundup of news in the IBD and RIA channels comes in a time of economic turmoil and big transactions.

During Andy Kalbaugh’s tenure with the No. 1 IBD, its headcount grew by more than 50% to nearly 17,000 reps.

The firm will also pay a penalty and offer to buy back variable annuities the former broker sold to 21 other investors.

With higher compensation offers and a track record of independence, the No. 1 IBD is “challenging the status quo,” its head recruiter says.

The No. 1 IBD revealed new details of its W-2 affiliation after it followed rivals into the employee channel with an acquisition it made last year.

The independent broker-dealers big enough to serve the most financial advisors enjoy advantages but face distinct challenges.

It will be the largest bank channel team at the IBD, with its former clearing house Pershing taking a hit.