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LPL Adds Teams From Cetera, Foresters

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LPL Financial says it recruited a $365 million team from Cetera Advisors and a $110 million group from Foresters Financial.

The ex-Cetera group, Infinity Financial Partners, is now part of LPL’s hybrid platform. It is based in Richmond, Virginia, and was founded in 2000 by Ronnie Poindexter and Phillip Heesen Jr.

Other Infinity advisors are Alex Robinson, Robert Kellis Jr., Dustin Newton, Robert Wheatley, Tyler Dove and Ben Dychala.

“We appreciate that LPL has made significant investments in its infrastructure that will help us deliver more value to our clients,” according to Poindexter. “LPL’s self-clearing capabilities were another big draw for us. This helps to streamline processes and makes it much easier and more efficient to do business.”

Poindexter has 34 years of industry experience, while Heesen has 33; the two have also been affiliated with MML Investors and IFG Network Securities. They were affiliated with Cetera for the past 14 years.  

“We continue to invest in our technology and investment platforms to help advisors grow their business, and we are excited that Infinity Financial Partners recognized the value of these investments,” explained Rich Steinmeier, LPL Financial managing director and divisional president of business development, in a statement. “We look forward to supporting their firm for many years to come.”

Last week, LPL recruited Arrow & Bow Wealth Advisors to its broker-dealer platform. The team, which is based in the Charlotte, North Carolina area, also has aligned with Good Life Financial Advisors, an advisory firm on LPL’s hybrid RIA platform.

Arrow & Bow was started this summer by advisor Elizabeth Leventis and husband Jason Leventis, who serves as operations manager. Other advisors on the team are Scott Ingold and Deena Wilson.

“We believe our role as advisors is to develop a comprehensive plan and perform due diligence on the back end, while ensuring the client experience is simplified and easy to understand …”, according to Elizabeth Leventis, who has five years in the business. “LPL’s capabilities and infrastructure lay a strong foundation for us to deliver on our client-first approach.”

Other News

Meanwhile, Commonwealth Financial Network says Hastie Financial Group of Salinas, California, has moved to its platform from LPL. The group includes managing partner Bill Hastie and partner Haley Hitchman and works with $228 million in assets.

“We are proud to affiliate with an RIA–BD that values quality and community and is committed to putting advisors’ needs at the helm and maintaining a network of like-minded business owners,” according to Hastie.

He has 33 years in the business and was affiliated with LPL for the past 23 years. Hitchman has worked as an advisor for the past seven years.

“On behalf of Commonwealth, I am pleased to welcome Hastie Financial Group to our community of independent advisors,” said Andrew Daniels, managing principal, business development, in a statement. “They hold themselves to the highest of service standards — a core value of Commonwealth and paramount to our success and the success of our advisors.”


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