One source, citing the problems LPL is experiencing as it tries to metabolize the NPH B-Ds, speculated that Lightyear might have decided that expanding too fast could create similar internal capacity issues. LPL has lost some big offices in recent months, a development some observers attribute to capacity and service issues.
Significantly, Advisor Group's acquisition of Signator was structured as an asset purchase, and Advisor Group executives said they planned to retain more than a few back-office and support personnel to ease the transition. Without saying it directly, the move seemed to signal their desire to avert the problems LPL is experiencing.