RIAs & Evolution of Custody, Plus Recruiting Milestones at LPL

Last Edited by: LPL Financial

Last Updated: August 12, 2022

LPL Monthly News Highlights image

Our business is the advisor and how they service their end client. That’s how it always has been and how it always will be at LPL.

- Steve Earner

LPL in the News

Quickly glance through highlights of LPL Financial’s media coverage in July, from exec insights into the evolution of custody, to recruiting milestones for LPL and its affiliates.

LPL’s Steve Earner on the Evolution of Custody

Wealth Management recently interviewed Steve Earner, head of LPL Financial’s RIA platform, to discuss additional services custodians can provide RIAs in light of increasing commoditization. Earner stated that while some firms are cutting services and support in a price race to the bottom, LPL is taking a different approach. “Our business is the advisor and how they service their end client. That’s how it always has been and how it always will be at LPL. We want to show up as a true partner in the custodial space. All RIAs should be supported in getting that sort of touchpoint.”

Earner explained that all RIAs that custody with LPL have a dedicated service pod, relationship manager, and growth consultants specifically focused on helping them grow their business. In addition, they have access to a range of specialized support, including CFO solutions, marketing, administrative help, and integrated brokerage services.

Recruiting Milestones for LPL and its Affiliates

As reported in Barron’s, LPL Financial’s Strategic Wealth Services recruited its 25th advisory practice since its launch two years ago. Ivan Hendricks of Candor Wealth Partners in Monroe, Louisiana, joined from Merrill Lynch where he managed approximately $280 million in client assets. “I spent almost a year investigating my options, going through the pros and cons, and LPL always came out on top,” Hendricks said. “There is a huge support system. I feel like I have a brain trust and all hands on deck behind me.”

Los Angeles-based financial advisor Eddie Chan partnered with Perennial Financial Services in July to join LPL Financial’s broker-dealer, RIA, and custodial platforms. Chan joined from Ameriprise Financial, where he managed approximately $110 million in client assets. In a statement shared with Financial Advisor, Chan said, “When choosing a firm to affiliate with, I was essentially looking for true independencethe ability to craft the practice and client experience I envision. With its versatile investment tools and innovative open-architecture technology, LPL stood out as a top choice.”

Think Advisor reported on LPL Financial’s acquisition of the Private Client Group business of Boenning & Scattergood, a broker-dealer and RIA based in West Conshohocken, Pennsylvania, that manages about $5 billion of advisory and brokerage assets. The transaction represents a significant expansion of Linsco by LPL Financial, LPL’s employee advisor affiliation model. “Our family business has a 108-year history of helping our clients build and secure their financial legacies, and LPL is the right partner for us to carry that legacy and our business forward,” said Harold Scattergood Jr., chairman and CEO of Boenning & Scattergood.

LPL Taps Industry Veteran Bill Sappington to Lead Banking and Lending Push

LPL Financial expanded its leadership team in July with the addition of industry veteran Bill Sappington. As reported in Barron’s, Sappington will head up LPL’s banking and lending division. While the firm already offers a number of cash and banking services, including cash management and banking partnerships, to facilitate collateralized lending, Sappington will build a new banking and lending platform that will be available to RIAs affiliated with LPL and their clients.

The move comes amid increasing interest among advisors in adding some form of banking and lending service to their practice as they pursue a more holistic vision of wealth management. “This is a new focus area,” Sappington said. “LPL has been growing and we believe this is the right time to focus on developing and delivering banking and lending solutions to better serve advisors and their clients. LPL has various advisor models, and the opportunity will be to build and deliver banking and lending solutions that meet the needs of each specific channel,” he said.

Sappington has spent his career in the global banking and wealth management space. His deep expertise will help deliver near-term value and long-term vision to growing LPL’s banking and lending business.

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


The views and opinions expressed by the LPL Financial Advisor(s) may not be representative of the views of other Financial Advisors and are not indicative of future performance or success. Neither LPL Financial nor the LPL Financial Advisor can be held responsible for any direct or incidental loss incurred by applying any of the information offered. 

Confidentially Connect

Connect in confidence with one our experienced consultants to learn how LPL Financial can support your move to independence with more choice and flexibility.

Why Choose LPL?

LPL Financial works for you, the advisor — not the other way around. We remain committed to keeping advisors at the center of everything we do. You’re the reason we exist.

LPL Strategic Wealth Services

Get the benefits of owning your own business. LPL’s Strategic Wealth Services is a truly tailored experience for financial advisors breaking away from the wirehouse.