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Financial Planning > Behavioral Finance

LPL Financial Adds $650 Mil Team

By Janet Levaux

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LPL Financial (LPLA) said Friday that it recruited a team with $650 million in assets formerly with SII Investments, part of National Planning Holdings, a network of independent broker-dealers affiliated with Jackson National Life.

MACRO Consulting Group, based in Parsipanny, N.J., includes five financial advisors and is led by Mark Cortazzo. The wealth-management team has its own asset-management program which includes wrap portfolios based on ETFs.

“We are delighted to welcome MACRO Consulting Group to the LPL Financial broker-dealer and hybrid RIA platforms,” Bill Morrissey (left), executive vice president of business development at LPL Financial, in a statement. 

“Over the years, the leaders of MACRO Consulting Group have built their firm into a true industry leader in every respect,” he added. “Their decision to affiliate with LPL Financial is part of a broader trend of success we have experienced in attracting large and highly sophisticated teams of advisors to our company, driven by the unique integration of broker-dealer, custody and clearing capabilities that we offer.”

About two weeks ago, LPL Financial recruited a team formerly affiliated with SagePoint Financial, part of the Advisor Group of broker-dealers owned by AIG, with about $175 million in assets.

“The industry-leading and highly integrated solutions that we provide to independent advisor groups are more important than ever in an environment of increasing regulatory requirements and business complexity,” Morrissey added.

As of Sept. 30, the number of independent financial advisors affiliated with LPL Financial stood at 13,170, down 15 reps from 13,185 as of June 30, but up 371 from 12,799 a year ago.

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