LPL Financial (LPLA) said early Monday that the team of Legacy Financial Planning had affiliated with its broker-dealer platform, bringing over $150 million of client assets. The team, which is based in Rochester, N.Y., and includes advisors Tammy Mogilski, CFP, ChFC, and Brian Bedford, CFS, is also joining the hybrid-RIA platform of Private Advisor Group of Morristown, N.J., which is also affiliated with LPL Financial.
Previously, Legacy Financial and its advisors were part of MetLife. Mogilski worked for MetLife for 26 years and was recognized as the firm’s top female producer and third-highest producer. Bedford had been with the insurance group as an advisor for about 12 years and had been named a member of its Lifetime President’s Conference.
“This is a wonderful, large and seasoned practice that specializes in retirement and financial planning for Fortune-500 clients, and we are delighted that it has decided to align with LPL Financial,” said Bill Morrissey (left), executive vice president of business development at LPL Financial in an interview with AdvisorOne.
According to Mogilski, the team spent about 15 months meeting with eight broker-dealers, deciding on LPL and then making the transition.
“We did a lot of research,” she explained in an interview. “To move a practice after so many years is difficult, and we wanted the move to be for a lifetime. We met with LPL in San Diego and were impressed by the professionalism employed in taking care of clients and offering resources. It’s really unsurpassed. We want to work with LPL now to grow and take our practice to the next level.”
Legacy Financial has offices in Rochester and Shelton, Conn., and would also like to open another office over the next 24 months. “It’s part of our growth strategy to add specialists in 401(k) advisory work, education and others to reach our growth goal,” said Bedford in an interview.
“We know this is important,” noted Morrissey. “Advisors say they join LPL for two reasons: one, the ability to help them process their business more efficiently and, two, to grow with the right capacity to really scale business and expand in the local market.”
Legacy Financial is about 90% through its transition to independence. “Would we do it again? Yes, in a heartbeat,” Mogilski said, “so it couldn’t be that bad."
“LPL had done a great job, as has the Private Advisor Group,” added Bedford. “They have given us phenomenal support. We couldn’t imagine doing this without them.”
About one month ago, LPL attracted the Level Four Group in Plano, Texas, to its broker-dealer and RIA platforms. Level Four was previously affiliated with Lincoln Financial and, has close to $1 billion in client assets; it includes about 50 licensed independent financial advisors, about half of whom are accountants with Series 7 or 66 licenses.