Wall Street’s reputation couldn’t be much worse, and that’s very good for business at brokerages eager to snag defectors from bigger firms. One of the most aggressive outsiders in tapping dissatisfaction among brokers and investors since the credit crisis began is LPL Financial Holdings Inc. Its LPL Financial is nowhere close to a household name, but has grown into the fifth-largest U.S. brokerage firm, with 12,294 financial advisers, including more than 5,288 that have come aboard since 2006.

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