LPL Resurrects Lucrative Package for Certain Recruits
The current package is aimed at advisors and brokers with Kestra Financial, majority-owned by Stone Point Capital; Cetera Financial Group, currently finalizing a sale to Genstar Capital; and Cadaret Grant & Co., being acquired by Atria Wealth Solutions, which is in turn backed by private equity, according to the publication.
The offer is similar to a package LPL offered for a limited time earlier this year, deemed by the industry as particularly attractive, InvestmentNews writes.
The current offer is aimed specifically at advisors and brokers at private equity-owned firms, two sources who asked to remain anonymous tell InvestmentNews.
LPL recently rolled out a video highlighting the potential benefits as well pitfalls of private equity ownership, according to the publication.
The video appears to be part of a broader strategy for luring advisors developed under Rich Steinmeier, managing director and president of business development, who joined from UBS Global Wealth Management in June, InvestmentNews writes.
LPL declined comment to the publication on the new recruitment offer.
Cetera, meanwhile, revamped its own bonus structure this August following its sale to Genstar, unveiling new initiatives offering advisors equity participation and succession planning.