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Wells Fargo Advisors has appointed Farhad Firoozi as its new head of advisor recruiting, transitioning from LPL Financial, where he held a senior vice president role. This move is part of Wells Fargo's strategy to enhance its independent financial advisor business amid a competitive recruiting landscape, as it seeks to recover from past banking troubles and attract top talent. Firoozi will report to James Craven, emphasizing the firm's commitment to adapting to the growing demand for independent advisory services.
Wells Fargo Advisors has appointed Farhad Firoozi, previously a senior recruiter at LPL Financial, to lead its hiring efforts in San Diego. Firoozi fills the role left by Brendan Krebs and will focus on attracting financial advisors as the firm enhances its independent offerings. Wells Fargo has around 12,000 brokers, while LPL boasts approximately 29,000.
A UBS Wealth Management USA team, the Gottlieb Rose Group, has transitioned to Morgan Stanley Private Wealth in New York City, bringing $10 million in annual revenue and managing $1 billion in assets. Led by Rachel E. Gottlieb and William J. Rose, the team specializes in serving clients in sports and entertainment. This move follows a trend of broker attrition at UBS, which has seen several teams depart recently.
LPL Financial Holdings Inc. has seen a 21.26% decrease in insider ownership, with corporate insiders selling 34,465 shares worth $12.56 million in the last 90 days. Analysts maintain a "Moderate Buy" consensus rating, with target prices ranging from $379.00 to $435.00. The company recently reported a quarterly EPS of $4.25, exceeding estimates, and declared a quarterly dividend of $0.30.
Morgan Stanley has successfully recruited a $1 billion team from UBS, continuing a trend of significant talent acquisition from the wirehouse. This year, UBS has been a prime target for firms like Morgan Stanley, LPL, and RBC. Additionally, Ameriprise and LPL Financial have announced substantial pay increases for their top executives.
LPL Financial has expanded its presence in Tennessee by adding a three-person team led by Austin Greer, a former UBS advisor managing approximately $600 million in assets. Greer, along with wealth advisor John Dunahoo and service associate Stephanie DePriest, will operate from LPL's Linsco office in Franklin. This move comes amid UBS's ongoing advisor attrition challenges, exacerbated by recent compensation structure changes that may lead to a significant loss of advisors in the coming years.
A wealth management team in Franklin, Tennessee, managing $600 million, has transitioned from UBS to LPL Financial’s employee channel for greater autonomy. Led by Austin L. Greer, the Oxford Oaks Capital group includes John T. Dunahoo and Stephanie DePries, while advisor James A. Austin III remains at UBS. This move reflects LPL's strategy to attract higher-end producers amid rising recruitment costs.
Wells Fargo's wealth and investment management group is expanding its support for registered investment advisors (RIAs) by hiring Megan Hausmann as the RIA Solutions Director of Business Development, west. This move follows the hiring of another Apex Clearing executive, George Tamer, and reflects the firm's efforts to enhance its offerings for financial advisors, allowing easier transitions between its employee and independent broker-dealer channels. Industry experts suggest that this flexibility could be a significant advantage in attracting new talent.
Investors poured cash into U.S. equities at the third-highest rate in history, with Bank of America characterizing the trend as a "correction, not a bear market." Despite a significant rebound in the S&P 500, major indices are on track for their longest losing streak since May 2022, driven by recession concerns and mixed economic forecasts. Analysts suggest that if the economy avoids recession, the potential for growth could significantly outweigh the risks.
Compass Financial Services Inc and R Squared Ltd recently acquired new stakes in LPL Financial, valued at $65,000 and $78,000 respectively, with hedge funds and institutional investors owning 95.66% of the stock. LPL Financial, which provides brokerage and investment advisory services, saw its price target raised by UBS Group to $420.00, indicating a potential upside of 14.03%. The company reported strong quarterly earnings, beating estimates with an EPS of $4.25, and has a consensus price target of $370.50 among analysts.
LPL Financial Holdings Inc.
Companies
| Symbol | LPLA |
| Name | LPL Financial Holdings Inc. |
| Currency | USD |
| Sector | Financials |
| IndustryGroup | Diversified Financials |
| Industry | Capital Markets |
| Market | NASDAQ Global Select |
| Country | United States |
| State | CA |
| City | San Diego |
| Zipcode | 92121 |
| Website | http://www.lpl.com |
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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