LPL Financial said its recruited assets were $25 billion during the second quarter, up 35% from a year ago and about 47% sequentially, as the firm\u2019s recruiters return to their organic recruiting efforts.<\/p>\n
The firm has recruited $89 billion over the trailing 12-month period, the company reported.<\/p>\n
LPL is on track to complete the conversion of Commonwealth Financial Network, acquired last year, in the fourth quarter of 2026. And as it approaches that conversion, the firm has more capacity to engage directly with advisors, said Rich Steinmeier, CEO of LPL, on the second quarter earnings call.<\/p>\n
\u201cSo when you think about that second half of the year, we should be able to return to more normalized levels, not only of recruiting, but continuing to build the pipeline,\u201d he said. \u201cAnd so that makes us confident in our ability to deliver mid to high single-digit growth over time.\u201d<\/p>\n
The firm added about $23 billion in assets in its traditional independent channel, he said, and another $2 billion in recruited assets in LPL\u2019s expanded affiliation models. LPL took a pause in its recruiting efforts in the institutional channel because the Commonwealth transition was so extensive. But Steinmeier said he expects that recruiting to pick back up.<\/p>\n