LPL’s Supported Independence Solutions, Plus Recruiting News

Quickly glance through highlights of LPL Financial’s media coverage in January and February, from impressive recruiting and acquisition activity to the continued growth of their supported independence solutions, LPL Strategic Wealth Services and Linsco by LPL Financial, LPL’s employee model.

Recruiting and Acquisition Highlights

On the heels of a stellar 2022, when LPL recruited $82 billion in assets under management, the firm kicked off 2023 by adding these notable firms to their platforms.

• Financial Advisor IQ reported that Eric Fenton and Rodney Wangler of Fenton Wangler Financial in Vancouver, WA, joined from Securities America where they serviced around $300 million in advisory, brokerage, and retirement plan assets*.
• InvestmentNews reported that Jonathan Blakelock joined from Ameriprise, where he serviced $180 million in advisory and brokerage assets*. He and his team will operate as Blakelock Financial Group in Kingwood, TX.
• Advisors Cris Giron and Eddie Fernandez of Albuquerque, N.M. joined LPL’s broker-dealer in February. Financial Advisor reported that the pair came from Voya Financial Advisors, where they serviced about $225 million in advisory, brokerage, and retirement plan assets* and will operate as Legacy Financial Group.
• In February, LPL closed its acquisition of Financial Resources Group Investment Services in Fort Mill, SC, as announced in the DIWire. Financial Resources Group comprises approximately 800 advisors and 85 financial institutions nationwide, serving approximately $40 billion of advisory and brokerage assets.
• FinancialPlanning reported that Wealthcare Advisory Partners, a West Chester, Pennsylvania-based RIA that uses LPL Financial as its brokerage, topped 170 advisors and reached a new high of $5 billion in client assets after making three deals and recruiting more than a dozen other teams in 2022.

Supported Independence Solutions

As financial advisors explore different paths to independence, many are drawn toward models that blend freedom with dedicated support to help them run and manage their businesses. Kimberly Sanders, Senior Vice President of Advisor Solutions for LPL’s Strategic Wealth Services recently discussed the rise of supported independence solutions on Mindy Diamond’s podcast for financial advisors.

Like their traditional independent model, the firm’s supported independence solutions—Linsco by LPL Financial and Strategic Wealth Services—are experiencing exciting growth. In February, financial advisor Thom Maher joined LPL’s Strategic Wealth Services to launch his independent firm, Maher Wealth Management in Phoenix, AZ. As reported in the DIWire, Maher joined from Merrill Lynch where he served approximately $440 million in advisory, brokerage, and retirement plan assets.* 

In January, Financial Advisor reported that Linsco by LPL Financial, the firm’s employee channel, increased its headcount with the addition of two advisory teams. Chris Corcoran of Houston, TX, will be the first tenant in the new Memorial Advisors of LPL Financial office. Corcoran joined from Merrill Lynch, where he serviced $130 million in advisory, brokerage, and retirement plan assets*. When asked about his motivation for the move, he stated, “I’ve met with every large financial services firm over the past two years, and with LPL, I feel like I’ve found a true partner to help me create a practice on my own terms. I wanted to be a W2 employee so I didn’t have to worry about real estate or running the business, but I also wanted flexibility to control my own practice. Linsco combines the best of both worlds.”

Financial advisors Matt Jackson and Adam Callender joined Linsco from Truist, where they oversaw $145 million in assets under management.* Callender said he and Jackson interviewed with seven firms during their due diligence process before making their decision. “LPL stood out as the best place where we can service our clients and grow our business. Linsco is a nice blend of what we were looking for. It empowers us to make our own decisions, while also giving us a technology upgrade, easier processes, and dedicated support to help with operations so we can keep focusing on helping our clients.”

Looking for more updates, insights, and perspectives? Read more News and Insights or visit LPL Newsroom.