LPL Financial has added a father-daughter team with approximately $290 million in assets from Morgan Stanley. James and Amanda Zack launched the Zack Wealth Group under the model of LPL's employee advisor Linsco from LPL Financial.

Washington, DC-based James Zack has been in the industry for 38 years and spent the last 12 years at Morgan Stanley. Amanda Zack joined the practice eight years ago.

The team backed out of the LPL's promise to give them more freedom to independently run practice.

“Our team is very family-focused, so it's important that we build a business where we can truly put clients' best interests first and protect their portfolios without corporate influence, just like they were our family,” James Zack said.

Advisors under the Linsco model retain their market-facing identity but are employees with access to LPL's wealth management platform, business resources, branch management support, a dedicated marketing consultant, technology consultant and service team.

This follows last week's news that LPL has recruited First Summit Capital Management, an advisory team in Wilmington, Del., with about $380 million in assets, from PNC Investments. The team, led by principal owner and Managing Partner Thomas J. Cooney, will join Momentum Wealth Partners, an LPL enterprise.

LPL seeded its W-2 employee template with it Acquisition of Allen & Company in 2019a Florida-based b/d that had 30 advisors and $3 billion in assets under management.

In 2022, LPL won the private client group e Conshohocken, Pa.-based investment bank Boenning & Scattergood, which included about 40 advisers and $5 billion in brokerage and advisory vehicles. That firm also merged with Linsco.

According to LPL, the Linsco W-2 employee model leaves advisors “free to call the shots,” with payments ranging from 50% to 70% of their production while maintaining full control of the client relationship.