The last decade has seen an intense war in the wealth management space with an assortment of winners and losers. While advisors are the biggest winners due to generous compensation packages, another big winner has been LPL which is now the largest independent broker-dealer with 21,000 advisors.

Part of LPL’s success has been its variety of offerings for advisors given that it has numerous options for incoming talent. This ranges from more structure to giving advisors independence and latitude to run their businesses as they see fit. 

Maybe the best example of this is LPL’s Linsco channel which is designed for younger advisors. It was founded in 2019 and was seeded by the purchase of Allen & Co. which gave it assets under management (AUM) of $3 billion. Remarkably, Linsco now has an AUM of $21 billion and has recruited 49 teams to the group.

Its latest success is recruiting Raanan Pritzker who has been the top-ranked financial advisor at Fifth Third Private Bank over the last 12 years. This marks the first $1 billion+ team to join Linsco. Despite Priztker’s success, he chose to leave Fifth Third as he believes Linsco is better able to provide top-tier services and products to his wealthy clients. 

Finsum: LPL Financial’s Linsco has been a massive success story as it’s gone from $3 billion in assets under management to $21 billion as of October 2023.