LPL Financial (LPLA) said early Thursday that ITI Strategies is joining its broker-dealer platform with about $200 million in client assets, while one of its affiliated hybrid RIAs drew a new team to its wealth operations with some $200 million in assets.
In addition, ITI Strategies will provide advisory services through Private Advisor Group, an investment advisory firm on LPL’s hybrid RIA platform.
Based in Peekskill, New York, ITI is led by Lawrence DeNoia and includes financial advisors Daniel Giaimo, Joseph Kelly and Patrick Lennon. It serves clients mainly in New York, New Jersey and Connecticut, but provides services to clients in a total of 20 states.
“We believe that by transitioning to LPL and Private Advisor Group we can operate our business more efficiently and also gain the flexibility to be able to better serve the interests of our clients,” said DeNoia in a statement.
He added, “We have spent 28 years building our independent brand. We can build upon that foundation and take our business further now that we have access to LPL’s enhanced technology and robust tech support services and compliance support from Private Advisor Group.”
Stratos Wealth Adds Team From Wells Fargo
Ohio-based Stratos Wealth Partners, an LPL-affiliated hybrid RIA, recently gained an addition to its office in Scottsdale, Arizona, with the addition of wealth advisors Bob Rittel and Elizabeth Mahoney. Operating as Rittel & Mahoney Wealth Management, the two joined Stratos as partners from Wells Fargo Advisors (WFC), where they managed approximately $200 million in advisory and brokerage client assets.
Rittel and Mahoney created a joint partnership in 2012 in order to offer a more specialized and customized practice for their clients. They also have an office in Peoria, Arizona.
Stratos Wealth Partners manages some $3.1 billion in advisory assets, and has, through LPL Financial, over $4.2 billion in brokerage and third-party assets (for a total of more than $7.3 billion in assets as of Dec. 31).
IFP Expands to Phoenix
Meanwhile, Tampa, Florida-based Independent Financial Partners, which is a hybrid RIA that uses the LPL platform, opened a new home office in Phoenix, Arizona, the first of several regional offices the company plans to roll out across the country in the near future. IFP has more than 450 advisors and nearly $6 billion in assets under management.
“We believe this is the future model of advisor support firms,” Chris Hamm, executive vice president, said in a statement. “Our regional offices will be physical extensions of the IFP brand experience, supporting our advisors with a vast array of resources, while allowing them to maintain their independence. Advisors who choose to join IFP in any of our physical home office locations will have an optimal setting for their practices and their clients. We’re offering all of the benefits of a wirehouse, with none of the hindrances.”
EQUIS Grabs Strategy Chief From LPL
Melanie Hardin has left LPL Financial to join EQIS Capital Management, where she will serve as chief strategy officer.
Hardin, with more than 25 years of business management experience in the financial services sector, was most recently executive vice president of investment platform solutions and strategic growth for LPL. Earlier she worked for ADP and for Charles Schwab in the United Kingdom.
“Melanie brings a unique set of skills to EQIS,” Scott Winters, EQIS chief executive officer, said in a statement. He added, “We’re excited to have her apply her considerable skills to oversee a critical phase in EQIS’s growth and help EQIS scale up effectively.”
Aite Promotes O'Shea to Research Director
Financial services research and advisory firm Aite Group has promoted Virginie O’Shea to research director, institutional securities and investments.
Previously a senior analyst within that practice at Aite, O’Shea has been with the firm for five years, covering data management and post-trade technology. She brings more than 13 years of experience in tracking financial technology developments in the capital markets sector with a focus on regulatory developments and standards.
--- Read the Feb. 3 Recruiting Roundup on ThinkAdvisor.