A Connecticut-based team that manages approximately $750 million in client assets is joining LPL from Lincoln Financial. This is the latest in several Lincoln teams to join the major independent broker/dealer.
Summit Planning Group was founded in 1995 and has offices in Branford and Glastonbury, Conn. The team includes financial advisors Brian Onofrio, David Knocz, Karl Zirolli, Jay Pinto, Frank Navario, Alison Gaffney and Ben Onofrio.
According to Brian Onofrio, the team chose to move to LPL because it was a “stable partner” investing in business skills and resources.
“We believe LPL puts our clients in a better position as they seek to maximize their returns and reduce risks, all while receiving a higher level of service,” he said of the deal.
In May, Osaic, the broker/dealer network formerly known as the Advisor Group, finalized his purchase from Lincoln Financial's $115 billion wealth business. The firm planned to have more than 1,400 advisers.
The acquisition came as Osaic was trying to bring its eight legacy brands, including American Portfolios, FSC Securities, Infinex Investments, Royal Alliance Associates, SagePoint Financial, Securities America, Triad Advisors and Woodbury Financial Services, under a single brand within two years.
Teams from Lincoln began moving to the LPL shortly after the Osaic deal was first announced, and the moves have continued after the deal closed.
These include Brian Pflaum, an Alabama-based advisor with $345 million in assets, which merged with LPL and was renamed TPG Private Wealth. For more, a team based in Lubbock, Texaswith approximately $140 million in assets, joined Lincoln from LPL shortly before the acquisition.
Financial Pilot, a large network of 105 advisers with $4.6 billion in assets under management, also chose to transfer its business to LPL from Lincoln Financial in May, shortly after the deal closed. The NC-based business was founded in 2001 and was affiliated with Lincoln until switching to LPL. The firm now operates as a supervisory jurisdiction office for LPL.
Ryan Rayburn was another advisor who chose to move to LPL Financial after the Lincoln/Osaic deal was announced. Rayburn leads Strategic Wealth Partners, a Dallas-based team with approximately $860 million in assets under management, a staff of six and an additional office in Minden, La.
In an interview with WealthManagement.com, Rayburn said he was “happy” with Lincoln and was surprised to receive an email last year about the sale to Osaic. He began his proper study of Osaic and his competitors; he didn't want to go down where there was likely to be disruption, and Osaic's private equity ownership gave him pause, as they may choose to scale back services in pursuit of maximizing profits.
He said one of the reasons he landed on LPL was its size; he did not imagine that the giant IBD would soon be acquired.
“I think it's just the nature of the consolidation effect that we're seeing in broker/dealers,” he said. “We'll end up in the not-too-distant future with only a few different places to go. You want to be with one of the biggest players and you want to be with someone who invests heavily in technology.”