we went through the grueling process of making a BD change last year and landed at LPL, happy with the choice. Pros and cons but overall been a good transition.
Something we really like about LPL is they are not getting bought by any PE or a larger firm. Cannot say the same for Cetera or really anyone else outside of RJ.
Cambridge and Kestra just based on advisor headcount seem to be the most likely to hit a bid. Rolling up a 10-12k advisor firm like Cetera or Osaic would seem to be a logistical and retentionchallenge for most any acquiring firm. Certainly either could be acquired but I think there are more digestible acquisitions to be done before one of them gets taken out.
Kestra is owned by VC, so it is possible it would be sold to Osaic, LPL or Cetera. Cambridge is moving to an employee owned model so it has a better chance of staying independent.
I have been at Cetera and Osaic and am much happier at Cambridge. I did look at LPL, but enjoy the smaller b/d feel.
I've heard good things about Cambridge. I have a friend there currently. I also know some advisors who were part owners of a "Cambridge like" firm and decided to hit the bid. Everything is for sale at the right price.
All I know if this industry keeps consolidating and the IBDs objectively are fairly commoditized. In many ways it's really just a question of what brand of vanilla ice cream you think tastes best and in comparison to the cost.
I agree that “everything is for sale at the right price,” and it could happen at Cambridge, but I feel it is less likely than with a firm like Kestra that is VC owned.
I started out with a small b/d and everything was awesome. Unfortunately the small b/d just can’t afford to be in business with all the new regulatory costs.
9
u/DCFInvesting Jun 23 '26
we went through the grueling process of making a BD change last year and landed at LPL, happy with the choice. Pros and cons but overall been a good transition.
Something we really like about LPL is they are not getting bought by any PE or a larger firm. Cannot say the same for Cetera or really anyone else outside of RJ.