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Hybrid RIA, LPL Affiliate Adds Two Practices

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Boston-based U.S. Wealth Management, an independent network of advisors and hybrid RIA affiliated with LPL Financial (LPLA), said Thursday that it added two new independent practices to its platform.

The groups joining U.S. Wealth are Equity Planning of Bethesda, Md., and a team of two advisors based in Lehigh Valley, Pa.

“LPL Financial congratulates U.S. Wealth Management and these outstanding advisory teams on their new strategic partnerships,” said Bill Morrissey (left), executive vice president of business development for LPL Financial, in a press release. “We are pleased to work with these excellent firms, and we look forward to supporting their growth objectives in the years ahead.”

The addition of the two practices to U.S. Wealth Management–which includes 32 affiliated advisors–brings the level of its recruited advisory and brokerage client assets to more than $600 million. The hybrid RIA began the year with roughly $350 million of recruited assets and expects to exceed $1 billion of such assets by late May 2014; it has relationships with several top custodial firms, such as LPL Financial, TD Ameritrade (AMTD) and Charles Schwab (SCHW).

“We are delighted to welcome these two exceptional advisory practices to U.S. Wealth Management,” said U.S. Wealth CEO John P. Napolitano, in a statement. “By joining our platform, these experienced advisors … have further demonstrated the strength of U.S. Wealth Management’s value proposition for independent advisors around the country, while extending our recent history of growth.”

Equity Planning is led by Marc S. Schliefer, CFP. The group, formerly affiliated with Lincoln Financial Securities, does advisory work on about $250 million in assets in over 40 states and focuses on strategies for clients that best enable asset value protection, savings and growth potential.

Joining U.S. Weath in Lehigh Valley are advisors Benjamin Haas and Christopher Sabosik, who were previously affiliated with Ameriprise Financial (AMP). They perform advisory work on some $60 million in assets. Their practice will operate under the U.S. Wealth Management brand.

Equity Planning Inc. and the Lehigh Valley team will utilize LPL Financial, the broker-dealer for U.S. Wealth Management, for their commission-based securities activities. For fee-based activities, both teams will work with U.S. Financial Advisors.

LPL Financial is giving the two groups onsite transition assistance and technology support, and most of the two teams’ RIA assets are expected to be custodied at LPL.

“U.S. Wealth Management’s relationship with LPL Financial, in particular, provides us with the national scale, unbiased research and comprehensive array of tools, resources and technology we need in order to continue to grow and strengthen our practice,” Schliefer said in a statement.

Read Is Your Broker-Dealer a Screaming Eagle or a Box Wine? on AdvisorOne.


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