LPL Financial says it has recruited a group with about 100 affiliated advisors working with about $3 billion in assets. They join LPL from Securities America, which became part of the Advisor Group of independent broker-dealers in February.
The advisors and staff making the move are affiliated with JFC Financial Services, which was founded by Jack Connealy in 1992 in Lincoln, Nebraska. The super branch or office of supervisory jurisdiction has worked with investor clients and financial institutions over the years.
JFC has 17 employees and an in-house team of financial professionals, along with 100 affiliated financial advisors who have been moving to LPL since mid-January.
According to Connealy, the firm switched BDs to focus on recruiting and other growth. “We knew LPL was a growth partner that could help us achieve our goals quickly,” he said in a statement.
“We’ve already seen significant recruiting success in the last three months thanks to the support from LPL,” explained Connealy, adding that JFC has recently recruited 12 other advisors to the firm, including six from Advisor Group.
“We extend a warm welcome to Jack and the entire JFC Financial Services family,” according to Rich Steinmeier, LPL Financial managing director and divisional president of Business Development.
“We are experiencing a flight to quality in the independent space, and we are pleased to be their firm’s choice for enhanced service and support to be able to grow and deliver value to their clients,” Steinmeier added.
LPL said last week that its number of affiliated advisors totaled 16,763 as of March 31, up 574 from a year ago and 299 from the prior quarter.
The independent broker-dealer’s total level of assets fell 2% from a year ago to $670 billion, though fee-based (or advisory) assets, jumped 3% to $322 billion.
Total net new asset inflows in the period were $12.5 billion, representing a 6.5% annualized growth rate. Recruited assets were $8.4 billion for Q1’20 and $36.2 billion for the past four quarters.
LPL added a smaller group from Securities America in the first quarter.