What You Need to Know
- The $550M Walnut Beech Advisors team has joined LPL from rival Advisor Group's Royal Alliance BD network.
- A managing partner of Walnut Beech cites LPL's technology capabilities as a major draw for his team.
- The group wants to co-brand as a tax-focused firm and partner with CPAs and enrolled agents.
LPL Financial has added a 20-person team from rival Advisor Group’s Royal Alliance who managed about $550 million in advisory, brokerage and retirement plan assets.
The newly formed Walnut Beech Advisors has offices in Rochester, Michigan, and Long Beach, New York, on Long Island, and have joined LPL’s broker-dealer, corporate RIA and custodial platforms, LPL said Monday.
The team is led by Office of Supervisory Jurisdiction manager Tim Maurer and Rick Betancourt, its managing partner. The team includes “20 like-minded financial professionals committed to putting their clients first,” according to LPL.
They were associated at Royal Alliance and “recognized the value of teaming up in an effort to provide more comprehensive wealth management and financial services” for clients, LPL said.
“Many of the advisors in the group have been friends for several years,” according to an LPL spokeswoman. “Some advisors met at Royal Alliance, others have known each other for years prior to their time” at that company, she told ThinkAdvisor on Monday.
The new firm’s name is derived from street names where their offices are located in Michigan and New York.
“The team has been moving to LPL in waves since last fall, with its final advisor joining this month,” LPL said.