Atlanta-based FSC Securities has recruited a team from LPL Financial (LPLA) with more than $250 million in assets, the Advisor Group independent broker-dealer said Tuesday. The advisors moving over are Eric Burton and Ron Whittingham, who do business as Megent Financial and are based in the great Chicago area.
“We are very pleased that Eric and Ron are coming over,” said FSC CEO and President Jerry Murphy (left), in an interview with AdvisorOne. “This decision on the part of an LPL team shows that FSC is getting the recognition it deserves in the industry, after making substantial investments in our technology, open architecture and presence in the independent space over the past few years.”
Since 2000, Burton and Whittingham have been affiliated with LPL, “which has made massive investment in its technology, as well,” said Burton, in an interview.
Though it had been getting calls from a number of broker-dealers and other firms for years, the team decided it was time to look around after Morgan Stanley (MS) gave it a call this spring.
“We did take a look at other independents, wirehouses, etc.,” said Burton. “We had considered FSC 12 years ago. They have the same philosophy, and we almost made a move to join them six years ago. Obviously, now we think it is the best place for us, and the philosophy hasn’t changed.”
“We know it’s all about letting them do their business as they want to in an independent environment … with the right technology and open architecture,” added Murphy, who is based in Atlanta and works with more than 1,200 affiliated advisors. "This [open architecture], in particular, is beginning to be evident as a key factor in attracting reps to FSC.”
In addition to the culture of FSC and its technology, which Burton says “blew him away,” he and Whittingham say they are very pleased with the scale of the broker-dealer they are now joining.
“They can offer us everything that LPL can but in a more client- and service-friendly way,” Burton said. “And there are not 25 layers between us and top management. We are known by name by those who are motivated to help us grow the brand and get as many clients as we can. I can’t believe that everyone doesn’t join FSC.”