LPL, which offers various forms of support and services to nearly 22,000 financial advisors, announced Monday that The Francis Group, a Los Angeles-area firm run by Burke and Christopher Francis, has decamped from Morgan Stanley to join its strategic wealth services group. LPL Strategic Wealth Services specializes in assisting advisory teams that are leaving wirehouses and other large institutions.
According to a press release from LPL, The Francis Group decided to leave Morgan Stanley in part to be free from corporate sales goals and agendas. The Francises also, according to the release, wanted to be able to offer more specialized services to high net worth clients and families.
The Francises couldn't be immediately reached.
"We used to tell our clients 'bigger is better,' but we realize that is not the case anymore, and with searing vision comes beneficial results," Burke Francis said in a statement. "We are built to be free and in our case, free to build a business on our own terms within a culture that aligns with our value, free from the burden of corporate influence."
A Morgan Stanley spokesperson declined to comment.
According to LPL, Francis Burke has been building his practice working with high net worth individuals primarily in the Los Angeles area since 1966. The Financial Industry Regulatory Authority's BrokerCheck database shows he joined the brokerage firm Dean Witter in 1968 and then Morgan Stanley in 1978. Morgan Stanley and Dean Witter merged in 1997. LPL's release says Christopher Burke worked in real estate and other businesses before joining his father in 1998.
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The release estimates the Francises were managing $1.2 billion in advisory, brokerage and retirement plan assets by the end of 2022. According to LPL Strategic Wealth Service's website, the division now works with 96 advisors managing $20 billion in assets. The unit will offer The Francis Group access to a business strategist, marketing partner, chief financial officer and administrative assistant.
