LPL Effort to Buy Advisor Practices Gains Momentum, Executives Say

LPL Financial is making strides with its program to buy retiring advisors’ practices, the company’s CEO, Dan Arnold said Tuesday. The wealth management company, which operates the nation’s largest independent broker-dealer, has bought out 27 practices so far, including its first non-LPL practice, Arnold said, while discussing the company’s first-quarter results on a conference call. The company said revenue rose 17% year over year to $2.8 billion and expenses increased 25% to $2.4 billion.