LPL Financial

A team that has grown through acquisitions dropped the No. 1 IBD after the institution purchased another one for more than $600 million.

The firm’s use of third-party compliance vendors came under scrutiny after an ex-rep pleaded guilty to bilking clients out of $5 million.

LPL Financial and indie rivals like Raymond James, Wells Fargo FiNet and Kestra Financial completed at least 17 recruiting grabs of $800 million or more this year.

Waddell & Reed had been working in recent years to transform its “proprietary broker-dealer into a fully competitive independent wealth manager.”

Homogeneous industries and male executives are the primary target clients of the new consultancy, Kathleen Zemaitis says.

As part of a two-step deal involving Australian investment bank Macquarie Group, LPL will pick up 900 advisors and $63 billion in assets.

Planners and experts dive into wirehouse pay, charging clients at a higher rate, emerging business models and other key issues.

James Booth’s seven-year fraud bilked investors out of nearly $5 million.

The No. 1 IBD is responsible for nearly half of the dozen mega-moves in its sector this year.

Necessary new approaches include better cultural understanding, more flexibility for new entrants and more outreach, advisors and executives say.

In a surprise announcement, Private Advisor Group tapped Moore as CEO nearly two years after he left Cetera for undisclosed medical reasons.

It’s one of the largest recruiting moves of the year in the independent broker-dealer sector.

CEO Dan Arnold cites growth in traditional channels and in recently launched models that could bring even more opportunities.

The nation’s largest IBD made its first tech deal this year for a firm that has $120 billion in assets on its platform.

The No. 1 IBD is keeping up the recruiting momentum that’s sustaining record headcounts and billion-dollar moves.

The No. 1 IBD’s 2,500-advisor bank channel will add 285 more reps when two massive investment programs affiliate next year.

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.