LPL Financial says Verus Capital Partners — which has some 30 financial advisors working with about $1 billion in assets — has joined its hybrid-platform from Securities America, part of the Advisor Group network of broker-dealers.
The news comes a week after LPL announced that a team with about $2 billion in client assets left Morgan Stanley to join its hybrid platform and a week after Advisor Group-affiliated BD SagePoint Financial recruited Veater Financial Group from LPL; Veater has four advisors and $503 million in client assets.
Two large teams supported by Verus Capital Partners include Phillips Financial Management and Oxenham Financial, both serving more than $100 million each in brokerage and advisory assets.
Verus Capital Partners is based in Scottsdale, Ariz., with an office in San Diego. Founder Stephen Bull, who started his career with AXA Advisors, formed Bull Capital Management in 2003 and then expanded it into Verus. Bull’s partner is Zach Mason, who’s been in the industry since 2009.
“We have grown our team significantly over the past few years and feel confident we can grow our business even more aggressively within the next five years with LPL’s recruiting help,” Bull said in a statement.
“We believe that LPL is the best growth partner to support our vision of being able to support both traditional advisors and hybrid advisors, as well as RIA-only advisors,” he explained.
LPL Financial, which is led by Dan Arnold, had 17,168 affiliated independent advisors as of Sept. 30; they work with $810 billion of client assets.
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