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Practice Management > Building Your Business > Recruiting

LPL Nabs $1.2B Father-Son Team From Morgan Stanley

By Jeff Berman

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LPL Financial said Monday it added a father-son advisor team in California who handled about $1.2 billion in advisory, brokerage and retirement assets while with Morgan Stanley.

The wirehouse didn’t immediately respond to a request for comment about losing the advisor team to LPL.

The family-focused office and independent practice that Burke and Christopher Francis launched, called Francis Group at LPL, chose to affiliate with LPL’s supported independence model, LPL Strategic Wealth Services.

Since 1966, Burke Francis built his Los Angeles area practice by specializing in asset management for high-net-worth clients. Chris joined the business in 1998, after working in real estate development and various venture-backed companies.

Burke and Chris are now managing partners of The Francis Group, which says it works on behalf of affluent families, corporate executives, businesses and private investors throughout the U.S. who require comprehensive and sophisticated investment advice.

Feedback from their clients inspired them to make a change to offer more white-glove, family-focused office service experiences, and their due diligence led them to LPL Strategic Wealth Services, the companies said.

When selecting a company, one factor for the Francis Group team was LPL’s resources in the high-net-worth space, including the HNW Services team, The Private Trust Company and specialized product capabilities. “They also sought more freedom to build a culture that aligned with their values and mission, free from sales goals and corporate agendas,” according to the companies.

“Now we can grow and build the firm as we’d like, with the expanded resources and experience from the LPL Strategic Wealth Services team,” Chris Francis said.

Advisors who use Strategic Wealth have access to LPL’s integrated wealth management platform as well as an added layer of ongoing strategic support for daily operations and long-term business management.

Strategic Wealth launched in April 2020 and now has 38 teams and 96 advisors, an LPL spokesperson said.

LPL now serves almost 22,000 financial advisors, including advisors at about 1,100 enterprises and at about 550 registered investment advisor firms across the U.S.

Pictured: Chris and Burke Francis

Jeff Berman

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