Ameriprise Reels in Another LPL Recruiter
Minneapolis-based Ameriprise confirmed on Wednesday that Doug Frank, who had been with LPL for the past eight-and-a-half years, is joining as recruiting director for the Northeast. He will be responsible for New Jersey and Northeastern Pennsylvania after having previously overseen Pennsylvania and Delaware at LPL, where he was “consistently a top performer in attracting advisor talent,” according to an Ameriprise spokeswoman.
Ameriprise, which has almost 10,000 advisors, is “focused on the right priorities and provides the tools and support advisors are looking for to serve their clients and grow their practices,” Frank said in a statement. He could not be reached for additional comment. He starts June 4 and will recruit into the employee and independent “franchise” channel at Ameriprise.
A spokesman for LPL, the largest broker-dealer with over 16,000 independent contractors declined to comment on whether it has named a replacement for Frank but said in a statement that it’s “committed to attracting and developing talented leaders across our organization.”
“We’re also proud of our track record of retaining those who are best positioned to serve our clients and lead our company moving forward,” he said.
Frank’s exit comes as LPL has been focused on ramping up its hiring efforts, including sweetening payouts in its “transition assistance” program and offering up to 50 basis points for brokers who join LPL directly, according to reports. Excluding the 1,900 brokers it acquired from National Planning Holdings, LPL lost a net 84 brokers in the first quarter
“We’re experimenting with different strategies that we believe will be effective in the current environment,” chief executive Dan Arnold told analysts on the company’s earnings call earlier this month. “[W]e were really focused on exploring, simplifying our message, leveraging our balance sheet, as we mentioned, and then reducing complexity for advisors in motion.”
Earlier this month, however, it lost a senior recruiter, Michael Murray, a 16-year veteran of LPL who been a national sales manager on the west coast and joined another independent broker-dealer, Cetera Financial Group, according to his LinkedIn. He was one of almost a dozen others who left in the last 16 months, according to a previous report by InvestmentNews.
In the first quarter, at least two other LPL recruiters, Corey Walen and Michael Clement, also jumped to Ameriprise. Walen left in February after five years to be a regional recruiting director for Ameriprise’s Mid-Atlantic region, according to his LinkedIn profile, and Clement, who was overseeing advisors in Ohio, Kentucky and Tennessee, left in March after six years to join also as regional recruiting director Mid-Atlantic, according to his LinkedIn profile.
Last June, Nicholas Cantone left LPL after just over five years to work as a recruiting director overseeing New York, Vermont, Western Massachusetts, Connecticut and Rhode Island, according to LinkedIn. In December 2016, Farhad Firoozi, a six-year LPL veteran in San Francisco left to join Ameriprise as regional director in Southern California and Hawaii, according to his profile.
David Peck joined Charles Schwab’s RIA custody channel in April after 7 years at LPL, and Mitchell Carr left LPL after four years and two months to join Charles Schwab in Texas in September, and according to their LinkedIn profiles. Keith Minnigerode joined TD Ameritrade in San Diego in August after four years at LPL, according to BrokerCheck, and Luis Gonzalez joined Cetera in September, according to LinkedIn.