LPL Financial's earnings fell in the second quarter due to rising expenses and the unexpected exit of two major advisor networks, overshadowing record metrics and stable cash sweep yields.
Investment Advisors Financial Group will be joining LPL Financial from Osaic, bringing $1 billion in advisory, brokerage and retirement plan assets and a 22-advisor team.
A new lawsuit against LPL Financial purports to lift the veil on just how dependent some wealth managers have become on so-called cash sweeps for profits.
