The firm's platforms acquire an ever-increasing roster of members, as this latest announcement demonstrates.

Another day – another wealth management firm signs up to the broker-dealer and advisory platform business of LPL Financial. The move is an example of the kind of momentum this business model appears to be enjoying.

The latest joiner is Steven Jolly, who aligns with Ford Financial Group, an independent firm supported by LPL’s broker-dealer and hybrid registered investment advisor platforms. Jolly serves about $190 million of client brokerage and advisory assets, and was previously at Wells Fargo Advisors.

Jolly joins with his client service assistant, Michelle Diaz. The Ford Financial business is based in Fresno, California and has a total of 14 team members, including nine financial advisors.

The past few weeks have seen almost daily news of joiners for LPL Financial. Earlier this week, it said that Levy, Daniel and McGee Wealth Management, a California-based firm, had become part of LPL's platforms. That particular business serves about $200 million of client brokerage and advisory assets. Prior to this, Levy, Daniel and McGee Wealth Management had been part of the Wells Fargo Financial Network.

In another shift, LPL said it is partnering with the US Army Reserve to help soldiers pursue careers in financial advice, part of a trend this publication has noted of those with military backgrounds entering the sector. As a corporate partner of the US Army Reserve Private Public Partnership program, LPL links military personnel to its Independent Advisor Institute, a new program that matches experienced advisors with novice advisors to speed up career development.

Infinity Partners, a wealth management house, has moved to LPL, as announced last week, having previously worked with Cetera. In early October, this publication reported that LPL had built up its Independent Advisor Institute, a program that pairs up newbie and experienced advisors to accelerate career development.

Growth
At the firm’s recent third-quarter results report on Oct. 25, Dan Arnold, its chief executive, said that “recruited assets” – money brought to its platforms by wealth firms - were $9.1 billion in the third quarter, up from $6 billion the last quarter. 

Explaining the growth, Arnold said LPL has “focused on improving the efficacy of our business development program by reengineering sales processes and enhancing the team's capabilities”. It has also used data analytics to better focus its efforts and used its digital resources to widen its message to the market.

“We like the enhanced performance we've seen to date with these efforts, and we'll continue to sharpen our skills as we go forward. In addition to investing in the capabilities of our team, we've also worked to position both our corporate and hybrid platforms for profitable growth. We made a number of changes that included aligning transition assistance and recruiter compensation with financial returns,” he said.

LPL has also simplified and cut corporate pricing and added a requirement that advisors joining the hybrid platform have a minimum of $50 million of advisory assets, hence boosting recruiting and increasing a return on assets.