LPL Financial (LPL) and Commonwealth Financial Network ("Commonwealth") are gaining traction with wirehouse financial advisors after their recent recruitment revamping efforts.
LPL and Commonwealth have launched new programs to recruit and hire advisors. According to InvestmentNews, the latest programs created by LPL and Commonwealth are producing promising results. LPL successfully recruited advisors with $2.5 billion in its new business models, including the employee Linsco brand. In June, Commonwealth recruited its first advisor using its new Access Advisor Program effort.
Last year Commonwealth announced a decrease in its pricing on separately managed accounts to attract advisors. Commonwealth also boosted its transition bonus for recruits to entice wirehouse advisors.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.