LPL Financial emerged as the winner in the year-end recruiting rankings for 2023, boasting an impressive $92.7 billion in net new assets under management (AUM). As reported by AdvisorHub, the firm's success can be attributed to the flexibility it offers.
Raymond James secured the second spot with $19.4 billion in AUM, followed by UBS Financial Services Inc. at $15.8 billion. Despite the challenges of integrating Credit Suisse, UBS experienced notable growth in its wealth business by prioritizing quality over quantity. The firm increased total AUM while reducing advisor headcount, demonstrating strategic focus and efficiency.
Cresset Asset Management claimed the fourth position, adding $13 billion in new assets. Known for its advisor-friendly equity and compensation models, the firm rapidly has expanded through effective recruitment and retention strategies. Other firms in the top rankings include Morgan Stanley, Ameriprise, and Rockefeller Capital Management.
According to AdvisorHub, the year-end recruiting winners reflect a mix of established players and emerging firms, highlighting the dynamic nature of the wealth management industry. With competition intensifying, firms continue to innovate recruitment strategies to attract top talent and expand market share.
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