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In the News

LPL Pushes Hybrid RIAs to Join Corporate Advisory Platform

Posted by Louis Diamond

FUNDfire

Louis Diamond Quoted
By Danielle Verbrigge

LPL Financial is ramping up efforts to convince firms in its hybrid registered investment advisor (RIA) channel to use its corporate advisory platform instead.

That includes offering more transition assistance to convince existing hybrids to move to the corporate advisory platform and focusing recruiting support on advisors using the corporate platform. Starting next year, LPL is also barring small advisors or practices with less than $50 million in advisory assets from joining the hybrid channel.

Now, LPL has taken a “drastic approach to rein in hybrid advisors,” says Louis Diamond v.p. of Diamond Consultants, an advisor recruiting firm. “There’s very clear pressure to bring assets in house,” he says.

Even larger firms on LPL’s hybrid platform are feeling the pressure, Diamond says.

Read more…

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About Louis Diamond

President – Someone who “looks at every angle from a strategic perspective.” Sophisticated advisors and business owners alike learn quickly that they’ve found the right person in Louis when seeking counsel and clarity on growth, career management and the ever-changing industry landscape. Learn more...

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