The top 15 IBD recruiting moves of the year
December 18, 2017 12:58 PM
The independent broker-dealer space has seen hundreds of advisors and billions of dollars in client assets on the move in recent months.
LPL Financial'spurchase of the assets of National Planning Holdings led to 10 different recruiting grabs of $744 million in client assets or more by the No. 1 IBD and its rivals. LPL acquired at least five National Planning teams with more than $9.8 billion in combined client assets as part of its share of the 15 largest recruiting moves of the year.
On the other hand, LPL also lost five NPH practices, including several offices of supervisory jurisdiction, with $6.8 billion in client assets to rivals after its massive acquisition in August. Separately, Cetera Financial Group and Triad Advisors grabbed three teams from LPL with $18 billion in client assets in other moves that made the list.
LPL made the highest volume of grabs out of the top 15 with six, but Cetera led the way in terms of client assets with moves totaling $13.8 billion. Triad, one of two Ladenburg Thalmann network firms with moves on the list, brought the third most assets onto its platform at $7.4 billion through its three deals.
The ranking stems from firms' recruiting announcements, leaving out moves by firms that do not publicly discuss their moves or issue such notices. Cambridge Investment Research, for example, added nearly $79 million in production this year for its second-best recruiting year ever, according to spokeswoman Cindy Schaus.
However, the No. 8 IBD's policy against discussing particular recruiting grabs "reflects our respect for privacy" in that the firm's executives "do not comment on or report such details on any individual basis," Schaus wrote in an email.
Follow the links for a list of thetop wirehouse and breakaway moves of the year and 15 recruiting trends to watch next year . To see the top 15 recruiting moves of the year in the IBD space, please click through our slideshow.
LPL Financial's
On the other hand, LPL also lost five NPH practices, including several offices of supervisory jurisdiction, with $6.8 billion in client assets to rivals after its massive acquisition in August. Separately, Cetera Financial Group and Triad Advisors grabbed three teams from LPL with $18 billion in client assets in other moves that made the list.
LPL made the highest volume of grabs out of the top 15 with six, but Cetera led the way in terms of client assets with moves totaling $13.8 billion. Triad, one of two Ladenburg Thalmann network firms with moves on the list, brought the third most assets onto its platform at $7.4 billion through its three deals.
The ranking stems from firms' recruiting announcements, leaving out moves by firms that do not publicly discuss their moves or issue such notices. Cambridge Investment Research, for example, added nearly $79 million in production this year for its second-best recruiting year ever, according to spokeswoman Cindy Schaus.
However, the No. 8 IBD's policy against discussing particular recruiting grabs "reflects our respect for privacy" in that the firm's executives "do not comment on or report such details on any individual basis," Schaus wrote in an email.
Follow the links for a list of the
JOE LYMAN
15. Securities America grabs $744M National Planning super OSJ as exits mount
An OSJ with 35 advisors left National Planning for Securities America, marking at least the sixth grab by rivals of LPL in the wake of its huge purchase.
Dan Cairo of Elite Financial Network, a hybrid RIA with $744 million in client assets, opted forthe ninth-largest independent broker-dealer over LPL, Securities America announced. The Huntington Beach, California-based super OSJ has affiliated advisors in six counties across the state.
To read more,click here .
Dan Cairo of Elite Financial Network, a hybrid RIA with $744 million in client assets, opted for
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14. $800M indie team joins Raymond James from Wells Fargo
A team of four advisors with $800 million in client assets bolted the Wells Fargo Advisors Financial Network for Raymond James Financial Services.
Kel Normann, Eric Vernon, Murphy Paderick and Miller Robins of The Normann Financial Group joined Raymond James' indie channel in Sanford, North Carolina, according to the firm. The team generates about $4 million in annual production.
To read more,click here .
Kel Normann, Eric Vernon, Murphy Paderick and Miller Robins of The Normann Financial Group joined Raymond James' indie channel in Sanford, North Carolina, according to the firm. The team generates about $4 million in annual production.
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13. New IBD-to-OSJ trend? Cetera lands $820M HBW Partners
Now that the fiduciary rule is real, Cetera Financial Group expects to see more deals like the one it struck with a firm that dropped its own broker-dealer to join Cetera as an office of supervisory jurisdiction.
HBW Partners and all of its 55 advisers nationwide are making the move, CEO Barney Hellenbrand said in a statement. The Simi Valley, California-based firm has $820 million in assets under management.
To read more,click here .
HBW Partners and all of its 55 advisers nationwide are making the move, CEO Barney Hellenbrand said in a statement. The Simi Valley, California-based firm has $820 million in assets under management.
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12. $826M National Planning firm joins LPL after NPH deal
LPL retained a 46-advisor practice with $826 million in assets under management from National Planning under the firm's acquisition of National Planning's assets.
Glastonbury, Connecticut-based Gateway Financial Partners emerged as the largest of a group of seven firms unveiled by LPL last week as bringing $500 million to $999 million in client assets into its fold. David Wood serves as the principal advisor of the practice.
To read more,click here .
Glastonbury, Connecticut-based Gateway Financial Partners emerged as the largest of a group of seven firms unveiled by LPL last week as bringing $500 million to $999 million in client assets into its fold. David Wood serves as the principal advisor of the practice.
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11. Triad Advisors grabs ex-Transamerica practice from Signator Investors
A hybrid practice with $900 million in client assets joined Triad Advisors, its third broker-dealer in the last two years after launching an affiliated RIA.
Partners Tim Kerrigan, Brian Damiani and Mike Kelly of Continuum Advisory bolted Signator Investors more than a year after Signator’s parent, John Hancock Financial Network,acquired certain assets of Transamerica Financial Advisors . The San Francisco Bay Area-based practice has 16 advisors in nine states.
To read more,click here .
Partners Tim Kerrigan, Brian Damiani and Mike Kelly of Continuum Advisory bolted Signator Investors more than a year after Signator’s parent, John Hancock Financial Network,
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10. (tie) Royal Alliance adds $1.1B National Planning OSJ in fiduciary-focused move
A National Planning firm with $1.1 billion in client assets under administration bolted for Royal Alliance Associates, adding to the exits from NPH following LPL's acquisition of its assets.
Advisor Chris Lubbers’ Strategic Partners, an office of supervisory jurisdiction with 38 advisors, joinedthe 12th largest independent broker-dealer, Royal Alliance announced. The Parsons, Kansas-based practice followed at least three others from NPH moving to one of Advisor Group’s four BDs after the transaction.
To read more,click here .
Advisor Chris Lubbers’ Strategic Partners, an office of supervisory jurisdiction with 38 advisors, joined
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10. (tie) National Planning super OSJ turns down swarming poachers, joins LPL
Ever since LPL acquired NPH's assets, the firm’s rivals have been swooping in with attractive offers, poaching hundreds of advisors from NPH firms.
But now, LPL has begun to reveal its haul. A National Planning practice with $1.1 billion in brokerage and advisory assets chose LPL Financial over competing offers.
Doug Ritter’s Discovery Financial Centers made the switch to LPL,according to the No. 1 independent broker-dealer . The firm, based in Red Wing, Minnesota, includes 19 advisors in eight offices around Minneapolis and southeastern Minnesota.
To read more,click here .
But now, LPL has begun to reveal its haul. A National Planning practice with $1.1 billion in brokerage and advisory assets chose LPL Financial over competing offers.
Doug Ritter’s Discovery Financial Centers made the switch to LPL,
To read more,
Bloomberg News
9. (tie) LPL snags Northwest Bank's $1.3B investment program from Cetera
Northwest Bank has selected LPL as its new third-party broker dealer after a four-year run with Cetera.
The Warren, Pennsylvania-based bank was looking for a strategic partner that could support its growing investment services program, which currently has approximately $1.3 billion in client brokerage and advisory assets, according to the bank.
The growth of the program was due in part to the bank's acquisition last year of 18 New York-based branches of First Niagara Bank, which had used LPL as its broker dealer. Northwest chose to align the program entirely with LPL's platform to operate more efficiently, according to the bank's program manager John Beard.
To read more,click here .
The Warren, Pennsylvania-based bank was looking for a strategic partner that could support its growing investment services program, which currently has approximately $1.3 billion in client brokerage and advisory assets, according to the bank.
The growth of the program was due in part to the bank's acquisition last year of 18 New York-based branches of First Niagara Bank, which had used LPL as its broker dealer. Northwest chose to align the program entirely with LPL's platform to operate more efficiently, according to the bank's program manager John Beard.
To read more,
9. (tie) After LPL deal, $1.3B National Planning firm bolts for Commonwealth
A father-son firm managing $1.3 billion in client assets opted for Commonwealth Financial Network rather than remaining with National Planning through the transition of its advisors to LPL.
Stuart and Michael Paris of Paris International “would have never left” National Planning if the firm’s assets had not changed handsin LPL’s big recent acquisition , Michael Paris says. The Great Neck, New York-based firm chose the fourth-largest independent broker-dealer over the largest one.
To read more,click here .
Stuart and Michael Paris of Paris International “would have never left” National Planning if the firm’s assets had not changed hands
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8. Securities America grabs $1.35B credit union super OSJ from LPL
Independent RIA firm Priority Financial Group has chosen Securities America as its new broker-dealer after a seven-year relationship with LPL, Securities America announced.
The Arizona-based firm serves as a super Office of Supervisory Jurisdiction, or OSJ, supporting advisors who work for its affiliated credit unions as either employees or independent financial advisors. The affiliated advisors collectively manage $1.35 billion in client brokerage and fee-based advisory assets, according to Securities America.
To read more,click here .
The Arizona-based firm serves as a super Office of Supervisory Jurisdiction, or OSJ, supporting advisors who work for its affiliated credit unions as either employees or independent financial advisors. The affiliated advisors collectively manage $1.35 billion in client brokerage and fee-based advisory assets, according to Securities America.
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7. $1.5B firm bolts Securian, launches affiliated RIA
A Securian Financial Services firm with 45 advisors and $1.5 billion in client assets jumped to Triad Advisors in an effort to boost the practice’s wealth management business at a related firm.
GCG Financial, which is affiliated with recently launched insurance and employee benefits firm Alera Group, had been with Securian for at least 25 years, according to FINRA BrokerCheck. GCG President Rick Levitz formed a new RIA alongside its broker-dealer switch, according to anannouncement by Triad.
To read more,click here .
GCG Financial, which is affiliated with recently launched insurance and employee benefits firm Alera Group, had been with Securian for at least 25 years, according to FINRA BrokerCheck. GCG President Rick Levitz formed a new RIA alongside its broker-dealer switch, according to an
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6. $1.6B National Planning OSJ makes jump to LPL
An OSJ with $1.6 billion in client brokerage and advisory assets made the transition from National Planning to LPL.
Paula Key's Zuk Financial Group, which has 29 affiliated advisors and 45 support staff in 20 branches throughout California, joined LPL's hybrid RIA and traditional BD platforms, LPL announced. Key and the late Cori Zuk launched the Lake Forest-based practice back in 1974.
"We took part in a lengthy due diligence process, which included site visits, phone calls and other efforts to build relationships with the LPL leadership team," Key said in a statement. "LPL stood out for the flexibility of its platform and the firm’s enhanced resources, tools and systems."
To read more,click here .
Paula Key's Zuk Financial Group, which has 29 affiliated advisors and 45 support staff in 20 branches throughout California, joined LPL's hybrid RIA and traditional BD platforms, LPL announced. Key and the late Cori Zuk launched the Lake Forest-based practice back in 1974.
"We took part in a lengthy due diligence process, which included site visits, phone calls and other efforts to build relationships with the LPL leadership team," Key said in a statement. "LPL stood out for the flexibility of its platform and the firm’s enhanced resources, tools and systems."
To read more,
5. $1.7B National Planning super OSJ slams LPL, bolts for rival
LPL's aggressive negotiating tactics led a National Planning OSJ to switch to rival Securities America, the practice’s managing partner says.
Bill Brice’s Professional Investors Network, a super OSJ with about 70 advisors and $1.7 billion in client assets, opted forthe ninth largest independent broker-dealer, Securities America announced. The South Windsor, Connecticut-based firm bolted after LPL purchased its prior IBD’s assets in August .
To read more,click here .
Bill Brice’s Professional Investors Network, a super OSJ with about 70 advisors and $1.7 billion in client assets, opted for
To read more,
Daniel Kintz
4. (tie) $2B super OSJ first National Planning practice to announce LPL move
Jeff Motske's Trilogy Financial announced its intention to move over to LPL months before any other National Planning practice.
Motske led a six-person task force that considered roughly a dozen BDs before picking LPL, he says. The Huntington Beach, Calif.-based super OSJ has more than $2 billion in client assets and more than 150 advisors.
Their choice of LPL stemmed from its hybrid RIA channel, its growing emphasis on fee-based business and the most seamless transition for the practice's clients, according to Motske.
"The other part was spending a little bit of time with Dan Arnold talking about our vision and Trilogy's vision moving forward," Motske says. "I think he was very excited about what we bring to the table."
To read more,click here .
Motske led a six-person task force that considered roughly a dozen BDs before picking LPL, he says. The Huntington Beach, Calif.-based super OSJ has more than $2 billion in client assets and more than 150 advisors.
Their choice of LPL stemmed from its hybrid RIA channel, its growing emphasis on fee-based business and the most seamless transition for the practice's clients, according to Motske.
"The other part was spending a little bit of time with Dan Arnold talking about our vision and Trilogy's vision moving forward," Motske says. "I think he was very excited about what we bring to the table."
To read more,
Sue VandeYacht
4. (tie) Woodbury Financial lures $2B OSJ after LPL deal
Woodbury Financial Services notched its second major recruiting grab in just two weeks, adding an SII Investments firm with $2 billion in client assets and 52 advisors to its ranks.
The move comes as Woodbury has been courting former NPH advisors, ever sinceLPL Financial bought that firm’s assets in August. Tenacity Advisory Group, an office of supervisory jurisdiction in Green Bay, Wisconsin led by President Mike Savolt, joined Woodbury from SII, one of NPH's four independent broker-dealers.
To read more,click here .
The move comes as Woodbury has been courting former NPH advisors, ever since
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Bloomberg News
3. LPL retains National Planning network in largest announced post-deal move
A National Planning network with about 75 advisors managing more than $4.3 billion in client brokerage and advisory assets has joined LPL.
The Planners Network, an association of firms each aligning individually with LPL, started 18 years ago. Kären Locklin serves as its COO, while David Williams, the founder of Santa Rosa, California-based practice Retirement Investment Specialists, acts as board president of the network.
"Valuing our network so much, it was important that we choose a firm that would support our relationships and our businesses," Williams said in a statement. "With LPL, we have the ability to establish ourselves in a way that helps us to be able to pursue our individual goals and our group’s goals."
To read more,click here .
The Planners Network, an association of firms each aligning individually with LPL, started 18 years ago. Kären Locklin serves as its COO, while David Williams, the founder of Santa Rosa, California-based practice Retirement Investment Specialists, acts as board president of the network.
"Valuing our network so much, it was important that we choose a firm that would support our relationships and our businesses," Williams said in a statement. "With LPL, we have the ability to establish ourselves in a way that helps us to be able to pursue our individual goals and our group’s goals."
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2. (tie) Triad Advisors grabs $5B super OSJ from LPL
Triad Advisors poached a super OSJ with 11 practices managing about $5 billion in client assets from LPL.
The Overland Park-based Resources Investment Advisors, which has more than 65 affiliated advisors, joined the No. 29 IBD, Triadannounced . The loss of three OSJs, including Resources Investment Advisors, removed $5.6 billion in assets and 218 advisors from LPL's platforms in the first half of the year.
"When looking for a broker-dealer, we sought out a partner who truly valued independence, as defined by delivering to advisors the freedom to make the best decisions for themselves, their businesses and their clients," Resources Investment President Vince Morris said in a statement at the time of the firm's exit from LPL.
To read more,click here .
The Overland Park-based Resources Investment Advisors, which has more than 65 affiliated advisors, joined the No. 29 IBD, Triad
"When looking for a broker-dealer, we sought out a partner who truly valued independence, as defined by delivering to advisors the freedom to make the best decisions for themselves, their businesses and their clients," Resources Investment President Vince Morris said in a statement at the time of the firm's exit from LPL.
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2. (tie) LPL loses another top team to Cetera
A big-ticket advising team has left LPL to join Cetera Advisor Networks. The advisors making the switch come from Alliant Retirement Consulting, a three-person, geographically dispersed team reported to manage billions in client assets.
Vice president James Laschinger, practicing in Alpharetta, Georgia, and executive vice president Sean Waggoner, practicing in Houston, both made the jump, per BrokerCheck records. The third member of the group, Sarah Keibler, operates from Seattle. The team managed at least $5 billion in client assets and upwards of 250 retirement plans in 2016, according toa press release issued by Alliant Retirement Services last year.
To read more,click here .
Vice president James Laschinger, practicing in Alpharetta, Georgia, and executive vice president Sean Waggoner, practicing in Houston, both made the jump, per BrokerCheck records. The third member of the group, Sarah Keibler, operates from Seattle. The team managed at least $5 billion in client assets and upwards of 250 retirement plans in 2016, according to
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1. Ron Carson follows friend and former colleague Robert Moore to Cetera
Ron Carson has followed longtime friend and former heir apparent at LPL, Robert Moore, to Cetera Financial Group, in a long-anticipated move that became final this month.
Carson, a well-known coach to other advisers through his Peak Advisor Alliance, was one of top-producing planners at LPL through Carson Wealth Management Group. The Omaha, Nebraska-based practice includes nearly 1,100 advisors with almost $8 billion in client assets.
To read more,click here .
Carson, a well-known coach to other advisers through his Peak Advisor Alliance, was one of top-producing planners at LPL through Carson Wealth Management Group. The Omaha, Nebraska-based practice includes nearly 1,100 advisors with almost $8 billion in client assets.
To read more,
