The planned acquisition of Commonwealth Financial Network by LPL Financial has triggered an aggressive recruiting battle across the independent broker-dealer landscape, with rival firms sharply increasing transition incentives to attract Commonwealth's advisors. According to Wealth Management, recruiting experts report that competing firms have boosted typical offers by 30 percent to 50 percent as advisors evaluate whether to accept LPL's retention packages or move elsewhere.
Wealth Management reports that several firms have tailored enhanced deals specifically for Commonwealth advisors. Osaic has rolled out a recruiting package tied to assets under management that sources say ranges from 115 to 125 basis points, with the potential to reach as high as 150 basis points based on net new assets over a three-year lookback.
Cetera has also stepped up its efforts, offering Commonwealth advisors approximately 120 to 125 basis points on on-platform assets, with additional payments for off-platform assets such as retirement plans or directly held mutual funds.
Wealth Management reports that Raymond James Financial Services and Kestra Financial have likewise enhanced their offers, with sources indicating packages that offer up to 100 percent of gross dealer concessions.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
