LPL Financial continues to poach advisors from firms undergoing major acquisitions and integrations, this time adding a $615 million Atlanta team formerly with Lincoln Financial, which Osaic recently acquired.
Financial advisors Jason Walker, Vladimir Nikitenko, H. Scott Braswell, Rosty Tkachenko and John Hydrick join LPL's broker/dealer, RIA and custody platforms, the latest in a multi-month series of transitions to Osaic – LPL. The team has created Wealthstead Financial Advisors and joined the Integrated Financial Group, a nationwide consortium of independent advisors.
Wealthstead's business grew out of the non-profit market, but it has expanded to include massively wealthy families, executives and business owners.
The advisors decided to look around for a new broker/dealer after learning Lincoln's purchase from Osaic.
“We were looking for a partner that would allow us to collaborate more effectively and leverage each other's diverse backgrounds and specialties to better serve our customers,” Walker said in a statement. “We believe that LPL's integrated technology and strategic business resources give us more choices and strong tools to deliver exceptional experiences to our valued customers. We feel strongly that LPL will provide the independence and support we need to continue to grow our business as we see fit.”
The team was also drawn to IFG's localized support — the firm is also based in Atlanta — and access to study groups.
Osaic closed the deal to buy Lincoln Financial's wealth business for $115 billion earlier this year, planning to include more than 1,400 advisers. In the wake of these changes, several former Advisor Group and Lincoln teams are leaving for other firms, including LPL.
These include Financial Pilota broad network of 105 advisors with $4.6 billion in assets under management, which chose to transfer its business to LPL from Lincoln Financial immediately after the deal was completed.