LPL Pushes Hybrid RIAs to Join Corporate Advisory Platform
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.