LPL Financial’s purchase of National Planning Holdings holds the prospect of creating a 17,000-advisor firm, but it also presents the firm’s direct competitors with an opportunity.
The $325 million acquisition boosted recruiting momentum at top independent broker-dealer competitors to LPL such as Cetera Financial Group, Commonwealth Financial Network and Securities America, according to executives with the firms. Other trends in the IBD space are also working in their firms’ favor, they said.
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