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An LPL Financial sign in San Diego

Practice Management > Building Your Business > Recruiting

LPL Adds $1B Team to Employee Advisor Channel

By Jeff Berman

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LPL Financial has recruited a three-person advisor team from Fifth Third Private Bank that served over $1 billion in advisory and retirement plan assets.

Raanan Pritzker, Brian Brenneman and Neal Foushee joined LPL’s employee advisor channel, Linsco by LPL Financial, to launch PB FAM Private Wealth in Atlanta, LPL said Monday.

Pritzker, who has more than 25 years of financial services experience, serves as managing director of PB FAM, which LPL identified as a “concierge” wealth management firm.

Brenneman, who also has over 25 years in the industry working as a portfolio manager, started working with Pritzker in 2011 and now manages the investment portfolio strategy for the team.

Foushee served in the U.S. Air Force before entering the financial services industry in 2004. He joined Pritzker and Brenneman in 2017 and was a trust officer and wealth advisor with his prior firm. Foushee now heads the practice management side of the enterprise, according to LPL.

PB FAM works mainly with ultra-high-net-worth individuals, multigenerational families and business owners, Pritzker said.

“In order to take our business to the next level, we need ownership without limitations,” according to Brenneman. “With Linsco, we can do more for our clients, and it will help springboard our practice faster with the full support of LPL behind us,” he said in a statement.

The Linsco business model was especially appealing to the PB FAM team because it “offers the best of both worlds”: LPL’s wealth management platform and technology capabilities, along with a blend of reliable business strategy services designed to help advisors run thriving practices, according to LPL

“The PB FAM team also plans to tap into LPL’s high-net-worth resources such as The Private Trust Company along with advanced estate and income tax planning, alternative investments platform and complex life insurance planning,” according to LPL.

LPL now works with about 22,000 financial advisors, including advisors with about 1,100 enterprises and at roughly 550 registered investment advisor firms.

Photo Credit: Bloomberg.

Jeff Berman

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