LPL Financial (LPL) is increasing its recruiting efforts to hire employee financial advisors, as it plans to write fairly large checks.
The recruiting deal for employee advisors consists of two parts. First, employee advisors will receive an initial signing bonus. The up-front payment will be as high as 150 percent of an advisor's prior-year total revenue (T-12). The second portion is based on the advisor's assets.
As is standard, the back-end asset-based bonus will be provided alongside a multiyear forgivable note, according to industry sources. According to InvestmentNews, LPL is targeting employee advisors that are highly profitable and have a large amount of client assets in fee-based accounts.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.