LPL Financial said its total recruited assets for 2022 were $82 billion, down about 8% from 2021. That included $15 billion of recruited assets in the fourth quarter 2022, up from nearly $13 billion in the third quarter and down from $17 billion in the year-ago quarter.
On an earnings call Thursday, CEO Dan Arnold said the fourth quarter was its strongest quarter of recruiting in 2022 in its traditional independent advisor channel, which accounted for $11 billion of recruited assets. The new affiliation models, including LPL’s Strategic Wealth Services, employee and RIA offering, recruited over $1 billion in assets during the quarter.
Arnold said there has not been as much advisor churn over the last three years, and that has caused competitors to become more aggressive with their transition assistance. But in the third and fourth quarters, the firm has seen more advisors “exploring their strategic options,” he said.
“You’ll continue to see folks explore that movement from anemployee-based model to independent model,” Arnold said. “We continue to see withmore and more capabilities, folks in the independent model, lookingfor something that can serve and support them better and taking careof their clients. And finally, even with being able to help with theirown succession planning creates another catalyst of opportunities.”
LPL’s advisor headcount was 21,275 at the end of the year, up 231 sequentially and 1,399 year-over-year.
Last year, the firm introduced a liquidity and succession planning offering, launched to fulfill a need for advisors who couldn’t find another advisor to help them carry out their ownership transition. LPL will buy their practice, run it under the Linsco model temporarily until that advisor’s eventual successor is ready.
“The offering has been well received and we are encouraged our earlymomentum, having already executed on a handful of transactions withproviders on our product,” Arnold said.
This year, the firm will offer the capability to advisors outside of LPL.
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