A slowdown in advisor recruiting seems to be squeezing growth and profits at
The nation’s largest independent broker-dealer, reported a 3% drop in earnings for the first quarter, with net income falling to
In an announcement Wednesday afternoon, the company faulted sluggish recruiting in the first part of the quarter.
“After a slow start to recruiting to begin the year, our business development team saw improving conditions in March,” said
LPL had added 110 net new advisors in the fourth quarter last year, and 154 in the third quarter.
Net revenues grew 11.6% year over year, to
The independent B-D reported advisor retention of 96%, down just slightly from its 97% retention rate for 2013.
Advisory and brokerage assets grew 13.5% year over year to
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