Company
LPL Financial is a US broker-dealer and wealth management firm providing investment platforms, custody, and advisory support to independent financial advisors.
SEI hired Kristie Edling-Day from LPL Financial to run technology and product at a firm reporting about $2.1 trillion in assets. CEO Ryan Hicke spoke as much about scale and technical debt as about AI, and said AI spending sits inside the existing technology budget.
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AlphaCore and The Mather Group, with about $10 billion and $17 billion in client assets, each added an advisory firm managing more than $400 million. Each deal adds 2% to 4% to its buyer, so growing this way takes a long run of small sellers.
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Wireless telephone services rose 5.9% in August, the most the BLS has ever recorded for the category, and without that one line core inflation rounds to the 0.2% economists expected. Traders moved hike odds to 85% anyway.
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The Conference Board's consumer confidence index fell 6.7 points to 81.9 in September, its lowest in 12 years. Jobs data out the same day held steady. The drop traces to fuel and prices, and those are what a spending forecast built on labour figures alone misses.
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Jon Patullo, TradePMR's chief product officer since 2024, has joined CG Financial Services, a $5 billion hybrid RIA, as COO and CIO. Asked who would replace him, TradePMR named a Robinhood strategist who already runs its dual-custody roadmap.
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The largest acquisition in Vanguard's history is a distribution deal with a second target: the net interest income rival custodians earn on client cash.
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Save opened Market Savings, a cash product that risks only the interest, to more than 16,000 RIAs that use Schwab as custodian. Schwab takes part of the advisor fees on that cash, though a $100,000 minimum keeps the product small next to its $485.7 billion in sweep balances.
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Amazon kept Meta's Muse out of its cart with a line in its own terms of service. Investors are already pricing which other intermediaries could say the same thing to an agent.
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Three advisors took transition advice in 2023 from a law firm Ameriprise recommended to them, then faced arbitration claims from that same firm after they moved to LPL. LPL wants the 2023 file.
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Wealth-management M&A is holding its volume while the bid narrows to firms that can prove organic growth. The evidence is in offers per seller, down three or four names from a year ago, according to one sell-side adviser.
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Jean-Luc Melenchon would have the Bank of France cancel the 18% of national debt it holds, arithmetic that takes 116% of GDP down to about 95% and leaves this year's borrowing programme of more than $360 billion still looking for buyers.
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The pitch that landed in one advisor's voicemail offered help growing his practice rather than a cheaper custody bill, and Schwab's own referral minimum has moved from $500,000 to $5 million in a year.
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Ameriprise calls rival offers "crazy" as its advisor loan book climbs 25% to $1.67 billion. The deals assume recruits keep growing revenue that analysts think AI may automate.
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Financial Planning's 41st IBD Elite study finds clearing and custody prices so scattered that recruiters back them out of client fees. In June the SEC flagged undisclosed revenue sharing.
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