LPL Financial says two groups have joined it from rivals with a total of $470 million in client assets and eight advisors.
The first group, Founders Investment Services, moved to LPL from Cetera Advisor Networks in Lancaster, South Carolina, with six advisors and $300 million in assets. The second, Mayco Financial Services, left Cadaret Grant with about $170 million of assets and three advisors in Lakewood, New Jersey.
Founders Investment Services is part of Founders Federal Credit Union, which has 29 branches in North and South Carolina. Its wealth advisors include C. David Tolson III, managing director and wealth advisor, and financial consultants Keith Benton, CFP, Zachary Boerger, Cody Bowers, Jake Carr and Austin Terry.
“LPL’s technology has digitized solutions to help us manage the business and deliver a quality service experience to members. And their size and scale make it possible for us to access resources and solutions that can set us apart in the market and also add more value to our members,” according to Tolson.
Mayco was founded by Morris “Moshe” Mayerfeld, CFP, who has 30 years in the business.
“Our clients rely on us, and LPL’s technology and ongoing investments will help us deliver on their expectations. LPL’s technology makes it easier for clients to open accounts and sign documents, and we can access everything we need to manage our business from one integrated platform,” Mayerfeld said in a statement.
Other Mayco team members are Gabriel Fisher, who came on board in 1998, and his son-in-law, Yisroel Meir Krohn, CFP, who joined the firm in 2011.
Investacorp, RBC News
Ladenburg Thalmann-owned Investacorp has added a team with $80 million in Richmond, Virginia to its platforms: Wealth Innovations, formerly affiliated with Summit Brokerage Services and led by Managing Director James LaNeave. The group includes his son Samuel LaNeave as managing partner and daughter Ashley LaNeave, who oversees the team’s operations and administration functions.
According to Investacorp, five of its top 10 advisor groups — with more than $1 million of yearly fees and commissions — are multi-generational practices, as are nine of its its top 20 producing practices.
“The LaNeaves also stand out as a role model for practices who could benefit from our Multigenerational Consulting Solutions (MCS) platform, launched earlier this year,” according to Investacorp President & CEO Patrick Farrell.
Meanwhile, RBC Wealth Management says it has hired a branch manager from Wells Fargo Advisors to lead its new office in Walnut Creek, California, which includes 14 advisors, 10 staff members and about $2.5 billion in client assets.
Sean Phillips comes on board RBC’s North California operations with 18 years of industry experience. Earlier in his career, Phillips built a practice at Merrill Lynch with about $1 million of annual products and became complex director for the firm in Northwest Florida.
“We are extremely pleased to welcome Sean to RBC Wealth Management and know that he will do a fantastic job taking the East Bay markets to new levels,” said Schipper, in a statement. “As we continue our explosive growth in Northern California, Sean’s exceptional leadership and recruiting skills will help us attract the very best advisors in this important market.