Breaking Recruiting Records & Launching New Offerings

Last Edited by: LPL Financial

Last Updated: December 19, 2022

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We now have more choice and flexibility in how we build our business and in the capabilities available to us. All of this allows us to customize our business for each client’s needs and provide a more tailored approach.

- Joel Chitiea, Artiea Capital Management

LPL is Breaking Records with Recruiting and Acquisition Success

Despite volatile markets, LPL Financial reported that its third-quarter profits more than doubled from the same time a year ago, and significant recruiting and acquisition wins are setting records each quarter. In November alone, LPL brought on notable firms like these.

  • The Clements Group, a Durango, Colorado-based registered investment advisor having served approximately $120 million in advisory, brokerage and retirement assets*, rebranded as Legacy Financial Advisors and joined LPL Financial's broker-dealer, RIA, and custodial platforms, aligned with JFC Advisor Network. As reported in Financial Advisor, by using LPL’s direct custodian, Legacy Financial Advisors estimates it can save clients about $150 per year on custodian trade and account-level costs.
  • Tim Truebenbach CFP® is the latest addition to Linsco by LPL Financial, the firm’s employee advisor channel. As announced in The DI Wire, he joined from Morgan Stanley where he served approximately $350 million in advisory, brokerage, and retirement assets*. Truebenbach will be the anchor tenant of True Private Wealth, a newly built Linsco office in Tacoma, Washington.
  • Artiea Capital Management, a financial planning practice in Westlake Village, California, joined LPL Financial’s broker-dealer, RIA and custodial platforms from Wells Fargo Financial Advisors Network, where they served approximately $630 million in advisory, brokerage, and retirement assets*. Joel Chitiea, one of Artiea’s partner advisors, said in the news release shared with Financial Advisor, “We now have more choice and flexibility in how we build our business and in the capabilities available to us. All of this allows us to customize our business for each client’s needs and provide a more tailored approach.”
  • Cadence Bank plans to bring BancorpSouth’s retail advisory and brokerage business of more than 25 advisors and an estimated $2.5 billion in brokerage and advisory assets to LPL’s Institution Services platform in the fourth quarter, as reported in Financial Advisor.
  • Commerce Financial Advisors, the retail brokerage and advisory division of Commerce Brokerage Services, Inc., a subsidiary of Commerce Bank, is also joining LPL’s Institution Services platform. With close to 30 financial advisors, the group serves approximately $4.4 billion in brokerage and advisory assets as of November 15, 2022. In a statement released in ThinkAdvisor, Commerce Trust CEO James Handy stated, “Commerce Financial Advisors has always been focused on helping our clients meet their financial goals through a tailored investment strategy, and LPL is the right partner to help us meet and exceed our clients’ investment goals.”

Last month, Think Advisor also reported that LPL Financial is buying one of its largest branch offices, Financial Resources Group Investment Services (FRGIS). Based in Fort Mill, South Carolina, FRGIS has 800 advisors who serve 85 financial institutions and $40 billion in advisory and brokerage assets. The firm operates as an affiliated office of supervisory jurisdiction with LPL.

New Service Offerings

In addition to its growing headcount, LPL Financial is expanding its service offerings with an emphasis on fueling efficiency and growth.

  • Partial Book Sales: In a Financial Advisor article, Aneri Jambusaria, executive vice president of LPL’s services group, announced the rollout of a partial book sale service to streamline advisors’ businesses and help them focus on growth. LPL’s in-house virtual advice team will provide those end clients with personalized advice and service. The accounts will generally be those with less than $100,000 in assets, and LPL will pay 1.5 times the recurring revenue to advisors who pass them over.
  • Tax Planning Support: As reported in ThinkAdvisor, LPL selected Holistiplan to provide its financial advisors with enhanced tax planning capabilities. Holistiplan uses optical character recognition to read uploaded tax returns and generate client-ready reports that find potential financial planning opportunities via an algorithmic program, according to the company. Planners and advisors can then run several scenarios to forecast future outcomes.
  • Private Wealth Affiliation Program: LPL Financial plans to launch a new private wealth affiliation program in 2023. Rich Steinmeier, the managing director and divisional president of business development at LPL, said in an interview with Financial Planning that the model would aid high-net-worth advisors with clients who have at least $2 million of investable assets, and in some cases at least $5 million, offering them stronger capabilities in estate planning, capital markets and specialized lending.

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

*Value approximated based on asset and holding details provided to LPL from year-end 2021.

All firms mentioned are separate entities from LPL Financial.

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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.