While some firms slowed growth during the pandemic, RBC's head of recruitment, Kristen Kimmell, landed billions in assets with a net gain in advisors this year that topped rivals.
Michigan-based Baldwin Capital Management and Langdon Capital Management join LPL from Voya Financial, while Chicago-based Nestlehut Financial Services moves to Cetera Advisors from Securities Service Network.
Advisors Paul Castro and Erik Steudle recently joined Good Life, an LPL Financial large enterprise, from UnionBanc Investment Services and Ameriprise, respectively.
LPL believes the new model addresses some of the pain points that exist among employee advisors, such as surety of their payout, owning the client relationship, the actual payout grid and the tax treatment of the sale of a practice.
M&T Bank, which will shift its brokerage and advisory business from its own subsidiary to LPL in 2021, is the largest financial institution to join LPL.
In its second quarter M&A report, Fidelity recorded just three RIA deals in April, yet activity spiked in June, with 14 deals across $20.6 billion in assets.