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.