LPL Financial has recruited The Noble Group, an advisory team with approximately $2.1 billion in client assets, from Raymond James. The news comes in the wake of LPL's firing of CEO Dan Arnold this week.

The Noble Group, founded in 1996 by Tom Noble, is based in Sugar Land, Texas, with an additional office in Dallas. It has nine advisors and 13 support staff members.

As a result of the move, Noble will step down from his role as president and CEO, while Joey Rose, who joined the firm in 2011, will assume his duties.

“We believe LPL provides us with the next level of independence, allowing us to select the financial planning software and resources that are most appropriate for our clients,” Rose said in a statement. “Today's clients want and need financial planning, and this is where advisors can add more value to the relationship. We appreciate that LPL provides a blank canvas and the autonomy to create the service model of our choice.

The team also believes the move will boost the recruitment of the next generation of advisers.

On Tuesday, the LPL board of directors fired President and CEO Dan Arnold for cause this weekciting violations of respectful workplace policies. He also resigned from the board and Rich Steinmeier, managing director and chief growth officer, was named interim CEO, effective immediately.

Some analysts covering the firm maintained their ratings at LPL, saying it will not materially affect the firm's day-to-day operations.