August 5, 2020
Louis Diamond Quoted
By Bruce Kelly
LPL Financial said last year it was expanding its platform to capture advisers who are employees rather than independent contractors, the firm’s bread and butter.
Now, LPL is putting its money where its mouth is and this morning revealed it would pay those advisers top dollar, with an adviser who generates $1 million annually in fees and commissions seeing a potential as much as a 33% pay increase.
“The economics are unique to be an employee and receive payouts that are so strong,” said Louis Diamond, an industry recruiter.
And LPL’s offer is potentially more attractive for advisers with less in annual commissions and revenues, Diamond added. “If you’re an adviser with less than a million per year, say $500,000, you are not in high demand from other wirehouses, which are looking for the million-dollar guy. So, LPL’s offer is compelling for the adviser who produces $350,000 to $500,000.”