LPL Financial (LPLA) said Thursday that a group of advisors with some $1.2 billion in assets under management is now affiliated with its broker-dealer platform. Meanwhile, Wells Fargo Advisors (WFC) announced Wednesday that it had recruited seven advisors from rival wirehouses with nearly $1.4 billion in client assets.
StreamSong Advisors, based in Grand Rapids, Michigan, includes two financial advisors, a client-portfolio manager and a specialist in tax and estate planning issues. The latest LPL affiliate focuses on investors with $500,000 to $2 million in investable assets.
“We are delighted that StreamSong has recognized LPL’s extensive capabilities to support independent financial advisors who serve their targeted clientele, and we are glad to assist them in launching their new practice,” said Steve Pirigyi, LPL Financial’s executive vice president of business development, in a statement.
According to Thomas Braun, founder of StreamSong, “From every perspective, LPL was the clear choice: We were impressed by the quality of its technology, its investment research and the particular high-net-worth capabilities that LPL has developed with its Fortigent division. All together, these offerings provide the potential for a superior client experience.”
Jon Miller and Doug Kunzman came on board in Lincoln, Nebraska, on Sept. 4 from UBS, where they managed more than $151 million in combined client assets.
Advisors William “Bill” Boatwright and Craig Diamond of the Boatwright Diamond Wealth Management Group moved to Wells Fargo in Woodland Hills, California (outside Los Angeles), from UBS on Sept. 10. Their client assets total $259 million.
The other ex-UBS recruited rep is Lee Dubinsky, who manages about $140 million in client assets. He moved to Wells Fargo on Sept. 12 and now reports to Long Island market manager Christopher Davis.
Dubinsky formerly worked in the Melville, N.Y., office of UBS, which is the center of a sexual harassment lawsuit.
Other advisors that moved in the area include William Peragine and John Biondo, who left Morgan Stanley and also now report to Davis. This team has managed more than $830 million in combined client assets.
Back on the independent side, Washington Wealth Management of San Diego said Tuesday that advisors Craig Martucci and Todd Adams joined its operations from RBC Wealth Management. The two advisors come to the independent hybrid RIA, which is owned by the broker-dealer National Financial Partners (NFP), with some $220 million in AUM in Salt Lake City.