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Financial Planning > Behavioral Finance

2 Top LPL Reps in NorCal Form $875M Group

By Janet Levaux

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Two of LPL Financial’s top-producing affiliated advisor teams in the San Francisco Bay Area have merged their practices into a group with some $875 million of client assets: Hillis Financial Services, led by John Hillis and based in San Jose, and Danville, California-based CalBay Investments, headed by Mike Allard.

The combined level of fees and commissions of the two groups through November is close to $5.5 million. In the most recent LPL rankings, CalBay was the ninth most productive LPL-affiliated firm, while Hillis was ranked 79th out of about 14,000.

“By bringing together the complementary strengths of our two firms, we can increase our scale and depth of expertise to offer more value to our clients today and into the future,” Hillis said in a statement.

The advisor founded his firm, which includes three additional advisors and two office support staff, in 2001.

He has more than 40 years of experience providing financial planning and asset management advice to individuals and has been recognized as within the top 2% of LPL advisors nationwide from 2006 to 2016. He will continue to operate from his office in San Jose.

“Our firm is excited to align with Hillis Financial Services to create a robust practice that can deliver a broad range of services to our clients,” said Allard, in a press release.

Allard has been a financial planner since 1990 and is an LPL Executive Council member, ranked among the top 10 independent advisors based on gross dealer concession totals at LPL in 2016. The firm, which includes seven support staffers, has offices in Danville and Santa Clara.

“Mike and I have known each other for 40 years, and we share a passion for client service with the belief that we have an obligation to serve our clients’ best interests at all times,” said Hillis, in a statement.

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