LPL reaches record 16,700 advisors despite coronavirus
May 20, 2020 by Tobias Salinger
Despite the coronavirus pandemic, LPL Financial is ramping up recruiting and says it sees ample opportunities to buy smaller firms.
In a first quarter earnings call, CEO Dan Arnold told analysts he expects the COVID-19 crisis to present more opportunities for acquisitions — like the one LPL announced earlier in the week — as well as more “transformational” deals. The No. 1 IBD also added nearly 300 financial advisors in the first quarter and posted a record $12.5 billion in net new assets.
Still, the firm’s client assets and interest revenue fell on the tumbling interest rates and equity values brought on by COVID-19. And Arnold isn’t downplaying the impact of the virus by any means.