LPL Financial wages ‘war’ on Cetera, Securities America and Kestra after they pounced on NPH advisors in wake of sale
April 12, 2018
Louis Diamond Quoted
By Lisa Shidler
LPL Financial has declared “war” on three broker-dealers that recruiters say drove a wedge between the giant broker-dealer and the advisors it sought to acquire from its new acquisition, National Planning Holdings Inc.
The Fort, Mill, S.C.-based independent broker-dealer, with about 16,000 rep relationships, launched a recruiting offensive against Cetera Financial Group of El Segundo, Calif.; Securities America of La Vista, Neb.; and Kestra Financial Inc. of Austin, Texas of a type, fury and focus that’s flabbergasted recruiting firm principals and internal LPL-affiliated OSJ recruiters for the way it’s singled out firms.
“It’s like an act of war,” says Louis Diamond, recruiter for Diamond Consultants. “It’s the first I’ve heard where there is a different deals for different firms.”