LPL Financial shares zoom to all-time high of $77, after new CEO lets brokers sell like hell, and RIA custody and OSJ contracts achieve new balance
Louis Diamond Quoted
By Lisa Shidler
LPL Financial stock soared to an all-time of $77 a share, Feb. 5, on a resounding Wall Street verdict that Dan Arnold gets recruiting, OSJ relations and letting brokers-be-brokers as the Fiduciary Rule regulatory storm calms.
LPL also struggled in 2018 to gain the NPH advisors, but it looks like the giant broker dealer is on the road to recovery with its recruiting, says Louis Diamond, principal of Diamond Consulting.
“I’m much more bullish on LPL’s recruiting now than in the past. They are clearly the scale player in the IBD world, and we’ve watched so many acquisitions of smaller broker dealers because they couldn’t remain competitive like LPL,” he says.