Despite uncertainty surrounding the fiduciary rule, LPL Financial will emerge stronger in the coming months, according to CEO Dan Arnold. The nation’s largest independent broker-dealer lost more than 200 advisers due to three major defections in the second quarter.
Changes like the Department of Labor rule will lead to “more adviser movement and opportunity for industry consolidation,” Arnold said Thursday during a call after LPL reported its second-quarter earnings. “We have been winning business by building on these themes.”
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