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.