LPL Financial has recruited an $800 million team of independent advisors from Securities America, one of the Advisor Group broker-dealers that was acquired from Ladenburg Thalmann in February.
Based in Deerfield, Illinois, Equitrust Financial Group includes founding advisors Steven Hyman, CPA, and Charles Noparstak, CFP, as well as Felix E. Aisen, CFP, Joshua S. Noparstak, CFP, and Gail V. Crowley, CFP.
Hyman and Noparstak both have been in the business for 35 years, while their group was affiliated with Securities America for the past 28 years.
“We believe it’s in the best interest of our clients to work with a publicly-listed company and one with self-clearing capabilities,” according to Noparstak.
Plus, he said, “Our staff was blown away by how easy it could be to run our business; we have already seen an uptick in office efficiency simply because of something as simple as there being fewer forms to have to fill out.”
The news comes several months after LPL recruited a Securities America group, JFC Financial Services, with about 100 affiliated advisors and some $3 billion in assets. It was founded by Jack Connealy in 1992 and is based in Lincoln, Nebraska.
RBC Wealth Management has recruited a Morgan Stanley team in Southern California with four advisors and about $675 million of assets. The group, which works with professional athletes, entertainers and other clients, is based in Beverly Hills.
News of the team’s movement comes a few days after Morgan Stanley announced that it has been added to the list of institutions included in the NFL Players Association’s official financial advisor program, joining AllianceBernstein, Goldman Sachs and Bessemer Trust.
The advisors that comprise RBC’s new team are Mike Ladge, Shon Saleh, Joseph Sulentor and Brandon Allen.