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.
“We are excited to welcome the Opp Kozlak Wealth Management Group to our Edina office,” said Tom Schulenberg, director of the Minneapolis complex, in a statement. “They are incredibly respected in the Twin Cities area, and known for working closely with their clients to develop comprehensive wealth management plans designed to meet their individual goals.”
RBC also says a mother-daughter team are now part of its office in Chevy Chase, Maryland, from Merrill Lynch with about $150 million in client assets: Susan Stewart, CPM, who has been an advisor for 20 years, and Taylor Stewart, CFP, who has five years of experience. They manage more than $150 million in assets and join from Merrill Lynch.
Meanwhile, Ameriprise Financial says that Sean Riley of Scottsdale, Arizona, became part of its employee channel after leaving Wells Fargo. He does business as head of Riley Financial Group, which has some $100 million in assets.
“I chose Ameriprise after visiting with several other firms. I really connected with their financial planning and investment focus, as well as the emphasis on best-in-class technology,” Riley said in a statement. “I am excited about the entrepreneurial culture at Ameriprise and the support in place to help us grow our business.”
Other advisors moving to Ameriprise are Angie Messer, CFP, of Greensburg, Indiana, who left Hilliard Lyons. Messer is joined by advisor Greg Rust, also from the same firm. Their practice has about $182 million in assets under management.
Other Recruiting News
D.A. Davidson & Co. has opened an office in West Fargo, North Dakota: the Elbert Holstad Group, which has $320 million in assets under management.
“We are pleased that such a highly respected group with deep ties in North Dakota will be representing D.A. Davidson in Fargo,” said Michael Purpura, [resident of Wealth Management for the firm. “This new office represents an important step as our firm expands in the Midwest.”
The group includes Jeremy Elbert, who recently served as a branch director with RBC Wealth Management after joining that firm in 2000; Chris Holstad, an advisor who was with RBC from since 2003; and Tina Minske, a registered client associate.
Commonwealth Financial Network says Michael Roberts Associates is now part of its network after leaving Cadaret Grant, which was recently bought by Atria. The group includes financial advisors Neil Hoyt, CFP; Rachel Roney; Jeffrey Klein, CFP; Sonnet Loftus, CFP; and Paul Ahrens.
The team works with about $500 million in assets and is based in Syracuse, New York. Founded in 1990, the firm works with more than 1,500 clients across the country.
“We are thrilled to be partnering with Commonwealth and its community of advisors,” according to Hoyt. “In our discovery phase, Commonwealth’s reputation for excellence was reaffirmed through many conversations with others in the industry. We know its leading technology, advanced planning, equity research, and low advisor-to-staff ratio will allow us to best support our clients.”
Integrated Financial Partners, a national planning and RIA firm, said it added 12 advisors, six new regional offices and over $900 million in assets under advisory in 2018. This gives it 127 advisors, 36 regional offices and $5.6 billion in assets.
“We’re the right firm for an advisor who simply wants to grow a successful business, their way, but with the benefit of an on-call support system and partner who has walked in their shoes,” said Paul Saganey, IFP founder and president, in a statement. “Fierce independence is embedded in our advisors’ DNA.”
IFP is focused on adding to its concentrations of advisors in the Northeast and Southwest and beyond. It trades securities via LPL Financial.