LPL Financial is making significant progress with its initiative to purchase practices from retiring advisors, as highlighted by CEO Dan Arnold during the company's recent conference call.

According to Barron's, the company has acquired 27 practices, including its first non-LPL practice, marking a notable expansion in its succession planning efforts. LPL's Liquidity & Succession program, launched in 2022 and extended to non-LPL advisors, plays a pivotal role in its growth strategy. This program aims to support retiring advisors while extending assets on the LPL platform for the next generation of advisors. CFO Matthew Audette expressed optimism about the program, noting the company's capacity to undertake 30 to 40 practice acquisitions annually, with deals typically ranging from $10 million to $20 million.

Barron's also reports that analysts anticipate that LPL's succession program will accelerate the consolidation of the wealth management market, especially with the impending retirement wave of baby boomer 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.