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January 24, 2019 at 09:51 AM
LPL Financial has been adding advisors from both independent rivals and wirehouses. Recently, for instance, Regal Wealth Advisors joined its hybrid platform with about $350 million of client assets from Kestra Financial.
The firm includes four financial advisors: Michael McCarthy, Andrew Pincus, Gregg Gottlieb and Fred DaVeiga; each holds a CFP certification and has more than 20 years of industry experience. The group does business with offices in Florida, New Jersey and South Carolina.
“We often coordinate with our clients’ attorneys and accountants and consider ourselves financial stewards or quarterbacks. Our mission is to help clients achieve their individual and family goals,” Pincus said, in a statement. “Because of our efforts, our firm has grown exponentially, and we need advanced technology and a broker-dealer that has the size and scale to support our continued growth.”
In addition, CKW Wealth Management moved to LPL’s hybrid platform and one of its largest RIAs, Private Advisor Group, from 1st Global with some $175 million of assets. CKW includes advisors Natacha Smith and Mike Stieglitz, CFP, and a team of CPA partners. Their two New Jersey offices are in Sparta and Chester.
According to Stieglitz, “LPL is the right choice for us because it has the size and scale to support our ability to grow. And I believe LPL cares about their advisors. We’ve seen that with the continued focus to enhance their platform to benefit advisors and their clients. ”
Plus, Third Oak Investment Services, an investment program of Baraboo State Bank in Wisconsin, has joined LPL Financial’s hybrid platform from Raymond James with about $200 million of assets.The bank offers investment services at four of its eight locations.
Its four advisors are Pete Welsh, senior vice president, Trusts and Investments, along with Lisa McClyman, Laura Stanek and Jennifer Kinzler.
Craig Kamis, LPL executive vice president of Institutional Business Development, said in a statement, “We have been a leading third-party investment services provider to banks and credit unions for over a decade, and that is because we provide our financial institution partners technology and product platforms as well as the expertise to help them capitalize on the unique opportunities inherent in their organization.”
In early January, LPL announced that Harbor Financial Group moved to its hybrid platform from Wells Fargo Advisors Financial Network, the bank’s independent channel, where it worked with $360 million of client assets.
Harber has five advisors in two South Carolina sites. Partners Cam Werntz and Clay Hershey, along with Rob Williams, CFP, are based in Charleston; Benton Montgomery and Lee Tiller work in Murrells Inlet.
“We essentially have a firm within a firm, allowing our advisors to work independently but also have the support of each other to help out with general strategy and wealth management,” according to Werntz.
Developments at Stifel
Stifel Financial says it recruited two advisors from Merrill Lynch and one from Wells Fargo.
Moving to the firm from Merrill are Joseph Brady in Binghamton, New York, where he works with $125 million in client assets, and Jonathan Register in Birmingham, Alabama, where he manages $100 million.
Joining from Wells Fargo is Clifford Bartlett, III, in New York. He works with $100 million in client assets.
According to FINRA BrokerCheck, Brady spent the past 20 years with Merrill and has 26 years of advisor experience; Register was with Merrill for the last five years and has been in the business for 31; and Bartlett has spent 29 years as an advisor, including the past 11 at Wells Fargo.
“2018 was a transformational year for recruiting at Stifel,” said John Pierce, head of recruiting for Stifel, in a statement. “We have begun to become known by entrepreneurial advisors who want to run their practice unencumbered by the bureaucracy of the big banks with the primary focus on their clients … and are starting out 2019 strong as the firm of choice.”
New RBC Reps RBC Wealth Management has welcomed a $300 million team in Edina, Minnesota, from Merrill Lynch. The Opp Kozlak Wealth Management Group includes Peter Opp, who has more than 25 years of industry experience; Joel Kozlak, CPWA, CRPC, over 30 years of experience; Jessica Wright, 18 years in the business, and Christina Jamnik, senior registered client associate.
