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LPL, Commonwealth Grab Advisor Teams

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LPL Financial (LPLA) said Monday that it recruited a team with about $270 million in client and retirement assets.

360 Financial of Minnetonka, Minn., moved to LPL’s RIA custodial and broker-dealer platforms from Commonwealth Financial. The group includes four advisors and is led by Mike Rogers, its founder and president.

The team’s other reps are Dan Mahoney, Jeff Thompson and Tom Whitnah, and they serve both mass-affluent and high-net-worth investors, as well as employer-sponsored retirement plans.

“We are also gratified that 360 Financial recognizes that the LPL brand, with our broad array of products and practice management support services, will enable their growing firm to attract new independent advisors to join their independent RIA advisor group,” explained Bill Morrissey, executive vice president of business development at LPL Financial, in a statement. “Our ability to assist such entities to grow and thrive is an important component of the total LPL service offering.”

Since September 2013, LPL — which will report its fourth-quarter earnings on Feb. 11 — says it has added the following teams to its platform: TrestleBridge Capital, Northstar Wealth Partners, Householder Group, Snook Housey Advisors, Owenby Jones Wealth Management and Granite Financial. Granite joined LPL in January; its two advisors formerly worked for Morgan Stanley and A.G. Edwards.

“360 Financial is dedicated to providing our clients with a ‘big picture’ financial plan that puts them at the center of the planning process and enhances their ability to lead their lives with a strong sense of purpose,” Rogers said in a press release. “Affiliating with LPL will help us provide them with the unbiased financial advice and the 360-degree service that will help them to pursue their long-term financial goals.

In addition, Rogers said, “LPL will be a cornerstone for us as we build 360 Financial into a full-service, turnkey OSJ, back- and middle-office services provider for independent financial advisors seeking to establish or grow their own practices within the greater Minneapolis area under the umbrella of the established 360 Financial brand … We view LPL as a leading partner in our future success.”

LPL Financial currently has about 13,500 affiliated financial advisors and works with some 700 financial institutions, as well as 4,500 insurance agents.

Commonwealth Move

Meanwhile, Commonwealth Financial said it added ex-LPL affiliate UICCU Wealth Management of Iowa City and Cedar Rapids, Iowa, to its network of independent financial advisors and teams. The group includes 14 advisors with about $500 million in client assets; it is led by Managing Director and CIO Mark Law.

It specializes in retirement plan work and developed a Participant Choice program for TIAA-CREF participants in university retirement plans. The program gives employees the ability to choose independent advice for their retirement account investment management.

“We are pleased to welcome UICCU Wealth Management to the Commonwealth community,” said Andrew Daniels, managing principal of business development at Commonwealth, in a press release. “The energy shared among the UICCU team, matched with our top-tier resources and true commitment to service, create a dynamic partnership where UICCU can focus first and foremost on its clients’ financial well-being.”

Commonwealth supports about 1,450 advisors nationwide.

“In Commonwealth, we found a company that mirrors our strong values and commitment to community,” said Law, in a statement. Integrating Commonwealth’s unmatched—and award-winning—technology platform will immediately add value to our practice, increasing efficiency and allowing our team to provide an exceptional client experience for years to come.”

Check out 12 Best & Worst Broker-Dealer 401(k) Plans: BrightScope on ThinkAdvisor.


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