LPL Adds Teams From Cetera, Foresters

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.