LPL Financial has recruited a team of advisors with $515 million in advisory assets in Fort Wayne, Ind. The team, led by US Navy veteran Seth Marshall, has returned to LPL after about a decade at other firms, most recently PNC Private Bank Besim.
Endeavor Wealth Strategies will be affiliated with Exemplar Financial Network, an office of LPL's supervisory jurisdiction.
Marshall began his practice 20 years ago focusing on providing white glove service to high net worth and very high net worth individuals. He was drawn back to LPL after seeing how the firm has changed since he joined. He also mentioned the firm's specialized resources for HNW clients.
“LPL has evolved significantly over the past few years to an advisor-centric culture that provides flexibility and ultimate choice in how we conduct our business,” Marshall said in a statement. “With LPL's innovative capabilities and strategic resources, along with localized support from Exemplar, we are excited to provide our clients in Northern Indiana with a full complement of professional services for all of their property management needs. wealth and planning. We are fully committed to elevating our service offering and giving customers the individual attention and detail they deserve.”
The independent broker/dealer currently has approximately $130 billion in high net worth assets. During the last two years, the firm has build more services to support HNW advisors' business, including partnerships with investment banks to give clients direct access to capital markets. There are specialist lending partnerships for yachts, aircraft and art, and an expanded unified managed account platform. The firm also continues to create access to alternative investments and support for more complex multi-generational planning. The firm is also exploring “as-a-service” banking and lending.
At the end of last year, LPL launched a new membership model for focused high net worth advisors. LPL Private Wealth Management is an employee model and aims to provide the resources and structure that an office advisor would typically have, at a higher fee.
The LPL has been in a recruiting and buying crunch this year. This week, the firm added a $1 billion team in Pennsylvania from Merrill Lynch in its Strategic Wealth Services linkage model.
Earlier this month, the firm announced plans for it buy Atria Wealth Solutionsan independent b/d network with approximately $100 billion in assets across 2,400 advisors and 150 banks and credit unions.
Last week, the firm reached an agreement with Wintrust Financial Corp., a financial services holding company with a stable of chartered banks in the Midwest, to spin off all of Wintrust's $13 billion AUM wealth management business, Wintrust Investments and about 17% of its private client business to subsidiary RIA Great Lakes Advisors, representing $3 billion in assets, on LPL's Institutional Services platform. Both businesses were previously affiliated with Wells Fargo.
The firm has also benefited from the consolidation of Osaic, another large independent broker/dealer network. LPL recently added Cubby Bice, a North Carolina-based advisor with about $130 million, from Osaic. Bice said he left because of the “unsustainable” situation at Osaic, claiming the firm prioritized growth while neglecting the needs of back-office advisers. Wisconsin-based Equity Design Group was also affiliated with SagePoint and Osaic before announcing that he would be moving to the LPL earlier this month. The team cited Osaic's consolidation as a key reason, with co-founder Jason Hohenstein admitting that the rebranding added a “significant layer of confusion” for customers.