A team of three financial advisors managing $300 million in client assets bolted Cetera Advisors for LPL Financial, in LPL’s second recruiting grab from its rival in less than a month.
Phillip Multop of Multop Financial brought his 42-year-old practice to the No. 1 independent broker-dealer from the No. 18 firm and subsidiary of Cetera Financial Group, the largest IBD network. LPL
Their exit marks only the latest shuffling of advisors, assets or
Multop emphasizes the integration of tax strategies throughout its wealth management services. Its namesake’s tenure in the financial services includes four years with HD Vest Financial Services, the tax-focused IBD. Multop had spent six years with Cetera Advisors before the Aug. 22 move, FINRA BrokerCheck shows.
“Although successful with our former broker-dealer, Mr. Multop believed the time had come to partner with a larger, proven leader such as LPL,” Lettie Vigoren, a staff member who handles marketing and client development, said in an email. Technology and back-office support were also factors in the move.
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The move by the multi-generational practice stemmed from LPL’s self-clearing capabilities, one of the advisors says.
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The firms may or may not be vying against one another, but their advisor forces are moving in different directions.
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Dan Arnold says the firm remains interested if deals are a match for the No. 1 IBD.
July 27
Firms’ head counts show how they’re responding to a challenging time in which experts predict the number of advisors to fall in coming years.
“With regards to the junior-level professionals on our team, LPL offers vast opportunities for networking, succession planning and advancement within the industry,” she continued. “It's exciting to have the largest IBD behind us.”
Representatives for Cetera had no comment on Multop’s departure. Cetera CEO Robert Moore, signed on in 2016 after his tenure as LPL’s president. Mimi Bock, a former LPL sales and consulting executive, also
Multop, a CFP and CPA, launched the firm with a few tax clients in 1976, after he served in active duty in the Air Force, according to the firm’s website. He was also in the Air National Guard for 20 years while building up the practice based north of Seattle and near the Canadian border.
His career in the financial services industry includes stints at Pacific West Securities and Pacific Harbor Securities, in addition to his time at HD Vest. The practice’s full-time planners and three part-time CPAs work together in tax season, and both departments have their own dedicated support staff.
“We are committed to nurturing a long-term relationship with the Multop Financial team by delivering value to their firm through technology, innovation and expertise that can help their business thrive,” Craig Kamis, an executive vice president in LPL’s business development unit, said in a statement.
