Jul 06 2009

As Brokers Fly Solo, LPL Puts Out the Welcome Mat to Financial Advisers

By laura lorber

LPL Investment Holdings Inc.'s LPL Financial brokerage firm is among the beneficiaries of the growing disaffection for Wall Street. The firm and others have been scooping up refugees fleeing the larger brokerages, according to The Wall Street Journal. Charles Schwab Corp. and Raymond James Financial Inc. have also benefited from the trend.

LPL has added 5,288 financial advisers since 2006 and now has a total of 12,294. One attraction: LPL brokers keep up to 95% of commissions on trades, compared to 40% or less at larger firms, although they do pay their own rent and cover other costs.

The firm hasn't been immune to the downturn. This year the Boston company, like others, battened down the hatches by cutting 250 jobs, which amounted to about 10% of its total work force.

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