SagePoint Financial grabbed at least nine practices with more than $1.2 billion in client assets from National Planning Holdings broker-dealers after LPL Financial acquired their assets.
SagePoint, one of Advisor Group’s four IBDs and
At least nine of those firms, and $1.2 billion of the assets, came specifically from NPH. Moreover, Advisor Group overall has added
On the other hand, LPL has
LPL’s rivals have lured
For the year, Advisor Group's four IBDs have recruited 599 new advisors, according to the firm. Sagepoint's crop of 165 advisors represents the best recruiting year since CEO Jeff Auld came to the firm in 2008, he says.
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The IBD network says it has added 583 advisors so far this year.
December 14 -
Advisor Group BDs have poached at least four NPH practices after LPL acquired the network’s assets.
November 9 -
Woodbury Financial has peeled off more than 80 advisors in the wake of LPL’s giant acquisition.
November 3
LPL's acquisition of National Planning Holdings' assets alone resulted in 10 moves of $744 million or more of clients assets.
The firm's recruiting momentum "was definitely driven by advisors looking for a change," whether from NPH or other firms, Auld said in an emailed statement.
"We’ve dedicated a large amount of resources to improving our products and services, and advisors have responded positively to that. While the entire industry has experienced a shift as a result of the deal, we’ve heard from these new recruits that it’s largely Sagepoint’s culture and values that attracted them to us."
A spokeswoman for National Planning Holdings and a spokesman for LPL declined to comment.
LPL CEO Dan Arnold has said he expects to
With $656 million in client assets, Legacy Financial Advisors is the largest firm to spurn LPL for SagePoint. Managing partner Paul Mauro, who leads the nine advisors of the Westborough, Massachusetts-based firm, started Nov. 28 at SagePoint after 10 years with SII, according to FINRA BrokerCheck.
Coda Financial Group, which has offices in Honolulu and Raleigh, North Carolina, formally aligned with SagePoint on Oct. 24, BrokerCheck shows. Managing partner Daniel Coda, who had an earlier tenure with Sagepoint before going to National Planning in 2009, leads a team of 10 advisors managing $233 million in client assets.
SagePoint’s other ex-NPH practices also include Wichita, Kansas-based Baxter & Associates, Woodland Hills, California-based Monarch Wealth Advisors and San Diego-based Advent Financial Services. The three firms manage a combined $328.7 million in client assets.