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Industry Spotlight > Women in Wealth

LPL Nabs $1.6B INVEST Group: Recruiting Roundup

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Life Brokerage Financial Group, which manages about $1.6 billion in client assets, is moving to LPL Financial in mid-February. It formerly worked with INVEST Financial Corporation, which LPL acquired in August.

“We are looking forward to joining LPL to further support our clients and grow our business,” said Gary Richardson, president & CEO of Life Brokerage in a statement. “In an ever-changing industry, LPL has its hand on regulatory changes and, therefore, is on the leading edge of developing products and platforms to support the new era of financial services.”

Richardson, who has over 30 years of financial services experience, formed Life Brokerage Financial Group in 2009 in Clearwater, Fla. It has offices in the Seattle and Minneapolis areas, supports 80 advisors and has 40 full-time staff.

Meanwhile, a group of four advisors has left Wells Fargo Advisors and joined Raymond James’ independent channel in Richmond, Virginia.

Scot Morris, Alex Brand, Alicia Borghi and Barbara Wiltshire do business as Z3 Capital Partners, which has some $350 million in client assets and about $2.5 million in annual fees and commissions. The four advisors have over 100 years of combined industry experience.

RBC Wealth Management said it recruited a team from Wells Fargo Advisors with four registered representatives and some$600 million in assets: Troy, Caiaze & Reed Wealth Planning Counselors, which are now part of the recently opened RBC office in Farmington, Connecticut, according to Aaron Scott, director of RBC’s Hartford complex. 

Joseph Troy, Robert Caiaze, Adam Reed and James McNair, have 35, 22, 12 and 24 years of work in the business, respectively—or 93 years on a combined basis.

“We are thrilled to welcome the Troy-Caiaze-Reed Wealth Planning Counselors to our Farmington office,” said Aaron Scott, director of RBC’s Hartford complex, in a statement. “They are a great fit with our firm’s culture, and we are privileged to have their strong legacy of service and integrity joining RBC Wealth Management.” 

In other news, Raymond James says that its Financial Institutions Division has welcomed the advisors at Bristol Wealth Group – part of Bristol County Savings Bank of Taunton, Massachusetts.

Bristol Wealth Group is a joint venture recently formed by the bank and independent advisor Lou Ricciardi, who leads Ricciardi Financial Group and is affiliated with Raymond James’ independent-advisor channel. It has about $700 million of assets.

“Raymond James’ Financial Institutions Division continues to grow with the addition of exceptional programs like Bristol Wealth Group,” said Tim Killgoar, senior vice president and head of FID, in a statement. “I am pleased that Bristol County Savings Bank and Lou Ricciardi discovered the benefits that partnering with FID have for both their advisors and their clients, and we look forward to providing the support they need in their joint venture and as they grow their program.”