LPL Financial faces risks around recruiting and compliance in its quest to make its headcount the largest of any advisory firm in the country.

The firm last week purchased National Planning Holdings, turning LPL into the “800-pound gorilla” of independent broker-dealers, says Eric Aanes, the founder of the LPL-affiliated RIA Titus Wealth Management. If LPL adds the 3,200 advisors from NPH’s member IBDs, its brokerage force will bulge to nearly 17,500 advisors by next year.

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