LPL adds $1B Merrill team; how to jump-start RIA growth; what clients who lost their job need to know about retirement savings

WEALTH MANAGEMENT: The steady flow of wirehouse advisors to independent firms continued on Tuesday with LPL Financial picking up a team managing $1 billion from Merrill.

The announcement came the same day that Diamond Consultants - Financial Advisor Recruiters and Consultants released a report finding that big wirehouse firms lost a net of 348 advisors in 2023, while their independent rivals gained 563 net. The numbers were the latest confirmation that the appeal of independence remains strong in the wealth management industry.

Read: LPL continues recruiting run with $1B ex-Merrill team

PRACTICE MANAGEMENT: “What happens when financial advisors do all the right things, but their practices still won't grow?

“If this sounds like you, first stop, take a breath and appreciate how far you have come. A plateau in growth isn't a sign of failure; it means you made the right moves to get to where you are,” writes Nate Lenz , CEO of Concurrent . “But the sad fact is, what got you here won't necessarily get you there. When you hit a level of success that can no longer benefit from maintaining the status quo, your goal is to recognize that growth milestone and then chart a new course that fundamentally expands your capacity.”?

Check out Lenz's suggestions for RIAs seekin new paths to growth.

Read: How to jump-start a growth-challenged RIA

RETIREMENT: Both financially and emotionally, few life events are more disruptive than losing a job. But in the United States, it's a common experience — 40% of Americans have been laid off or fired at some point in their lives.

One of those unlucky workers was a Financial Planning reader in New York City, who until recently was a video producer at a prominent tech company. Newly unemployed and not sure when she'll find her next job, she wonders how to stay on track with her long-term savings — or whether it's worth it to keep saving at all.?

For guidance, she turned to the experts. Here’s what they recommend.

Read: Ask an advisor: I was laid off. How can I keep saving?

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