Fresh off a
Sackman & Son Financial Services, a third-generation practice with four advisors, joined the company’s broker-dealer and RIA platforms, LPL announced this week. Lee Sackman and his son Gary Sackman launched the Chicago-area practice in the early 1990s, and they had spent nine years with the Cetera Financial Group subsidiary IBD.
LPL is currently the nation’s largest IBD with 16,049 advisors and to keep hold of that title the company hopes to lure in more advisors with its pledge to spend some $125 million on technology this year and an effort to make 100 improvements to services for advisors.
Meanwhile, rival IBD network Cetera may see gains in its own headcount thanks to its decision to
“LPL’s self-clearing capabilities were a huge factor in our decision to change firms,” Daniel Sackman
Representatives for First Allied parent Cetera declined to comment on their July 30 departure. The Sackmans didn’t respond to requests for comment.
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The No. 1 IBD adapted Riskalyze to its still-evolving ClientWorks portal and added Black Diamond to its discounted vendor program.
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Dan Arnold says the firm remains interested if deals are a match for the No. 1 IBD.
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Digital tools that help wealth management clients manage their emotions, he says, will have a big impact on the planning industry.
August 29
Daniel Sackman, Lee’s grandson, joined the family business in 2010, while Gary has 34 years’ experience in the industry. He had also affiliated with First Montauk Securities, American Investment Services and Everen Securities prior to First Allied, according to their FINRA broker check records.
The practice includes two other advisors, Gary McBride and James Barnes, and two support staff members. McBride has been in the industry for 27 years, while Barnes has 47 years of experience.
