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LPL Woos FAs at Cambridge Investment Research

By Garrett Keyes April 12, 2018

LPL Financial has made at least one offer to an advisor at Cambridge Investment Research in a bid to poach advisors previously affiliated with the National Planning Holdings, the FA confirms.

In August LPL bought NPH’s assets from Jackson National Life for $325 million and has since been enticing advisors within the network to onboard with LPL so that it could hit an onboarding bonus.

Anita Ritter, an FA at Cambridge, confirms she was the target of an outreach with the same terms as previous offers to advisors at Cetera Financial, Securities America and Kestra Financial – where many former NPH advisors went after the sale.

The offer made to Ritter – and other advisors – is 50 basis points on assets for joining LPL’s RIA and 40 basis points if they join LPL’s hybrid offices of supervisory jurisdiction. The deals would be in the form of forgivable loans.

But Cambridge Investment Research spokeswoman Cindy Schaus says even though recruiting efforts across the industry seem to be very competitive, "we find that Cambridge’s written plans, structure, and resolve to be independent is very appealing to advisors who believe this is important to their independence."

Jonathan Henschen, president of recruiting firm Henschen & Associates, thinks Woodbury Financial may have a target on its back.

“If [LPL] were going to cast a wider net, Woodbury would be next in line [as LPL works] their way down firms that have been successful in taking” advisors from NPH following the LPL deal, he says.

LPL declined to comment on its recruitment of former NPH advisors.