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Financial Planning > Behavioral Finance

LPL Grabs $175M Team From SagePoint

By Janet Levaux

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A team formerly affiliated with SagePoint Financial, part of the Advisor Group of broker-dealers owned by AIG, switched to LPL Financial (LPLA) on Monday with about $175 million in assets.

Gerber Kawasaki Wealth & Investment management will now use LPL’s broker-dealer and hybrid RIA platforms.

The Santa Monica, Calif.-based group focuses on wealth management for established families and individuals, as well as wealth building for a younger generation of investors. It was founded in 2010 by Ross Gerber and Danilo Kawasaki and now includes 19 affiliated financial advisors. 

“We are delighted to welcome Gerber Kawasaki to LPL Financial,” said Bill Morrissey (left), executive vice president of business development at LPL Financial, in a statement. “This rapidly growing young firm is on the cutting edge of the financial advice industry, and we are proud they have chosen LPL Financial as the most effective partner to help them achieve their strategic growth objectives.”

According to Ross Gerber, president and CEO of Gerber Kawasaki, the firm focuses on baby boomers as well as on members of Generations X and Y. “It is our vision to create not just a wealth management firm, but a revolutionary technology platform for clients to communicate, learn and engage with their investment advisors,” he said in a statement.

The team says that it services its clientele nationwide with “highly mobile” financial advisors. “We conduct a constant dialogue with our 4,000 Facebook and 1,500 Twitter followers, and meet often with our national clients via Skype,” Gerber said. “In short, we are constantly pushing the envelope in how we can deliver service to our clients and believe we are cultivating a new generation of financial advisors.”

LPL Financial, set to release earnings on Tuesday, has some 13,100-plus advisors and roughly 685 financial institutions affiliated with the firm. In addition, LPL supports more than 4,500 financial advisors licensed with insurance companies with clearing, advisory platforms and technology services.

“We are excited about our transition to LPL Financial’s broker-dealer and RIA platforms, which represent a very progressive model for the industry,” said Gerber. “We thoroughly reviewed the leading broker-dealers and custodians in the country, and LPL Financial was the ideal choice.”

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