A team of Cincinnati-based advisors has moved their book of business to LPL Financial. Dougherty, Tedesco & Associates previously managed approximately $800 million in client assets at Osaic. They joined Osaic through the acquisition of the firm Lincoln Financial's wealth businesswhich closed in May.
The firm was founded by Charlotte Dougherty in the early 1980s. It is now led by counsel Andrew Tedesco and John Dougherty III. They are joined by Registered Sales Assistant John Dougherty, Jr., Director of Client Services Caitlin Ackerman and support staff members Rita Anno and Ben Verchick.
Tedesco said his team was drawn to LPL's platform, technology and resources.
“Furthermore, LPL's size, strength and commitment to innovation align with our values and aspirations for growth,” he said in a statement.
last year, Osaic rebranded by Advisor Group and planned to bring its eight broker/dealers under one entity, including American Portfolios, FSC Securities, Infinex Investments, Royal Alliance Associates, SagePoint Financial, Securities America, Triad Advisors and Woodbury Financial Services, within 18 to 24 months.
in may the firm closed its acquisition of Lincoln Financial's $115 billion wealth business after reaching a deal to buy it for $700 million last December. Lincoln will also enter the Osaic.
Amidst these changes, several Osaic and Lincoln teams have chosen to leave and many of them were relegated to the LPL.
For example, in August, LPL pulled two consulting teams from Osaicrepresenting more than 30 advisors and $4 billion in client assets. Lutherville, Md.-based Academy Financial. and Berwyn, Pa.-based PFG Advisors. were previously with Lincoln's estate business.
Earlier this month, LPL's board of directors fired President and CEO Dan Arnold for causeciting violations of respectful workplace policies. Earlier this week, board named Rich Steinmeierthe former managing director and chief growth officer as its new CEO, effective immediately. Steinmeier had served as interim CEO since Oct. 1, when Arnold was fired. Steinmeier was also elected to sit on the board. Matt Audette was also named president and CFO. He previously served as CFO and head of business operations.