LPL Financial (LPLA) has shared the names and previous affiliations of the advisors that moved to its independent broker-dealer and RIA custodial platform in the second quarter of 2015.
At first glance, what is notable is that most advisors (and teams) listed have at most $100 million in assets under management. The list includes a total of 96 advisors, 72 of whom have individual practices, and eight teams. Only 12 individuals and four teams manage more than $100 million in client assets.
"LPL has continued to experience advisory growth, drawing advisors of various production levels," said Steve Pirigyi, executive vice president of business development, LPL Financial, in a statement.
Going down the list, what stands out is the number of recruited teams and reps from Wells Fargo Advisors (WFC): Of the four $100 million-plus teams that joined LPL in the quarter, three came from the wirehouse.
Rhonda Chavez, Michael Woods and Kevin Pitts, for instance, joined in Arizona; Mark Cross, John Caldwell and Jason Norton moved to the IBD in Georgia; and Jon Marzano, Arthur Marzano and Steven Gallo – who have about $300 million in AUM – are now LPL affiliates in North Carolina.
In addition, Michael Palace of Bedminster, New Jersey, left Wells Fargo to become part of LPL; he has about $130 million in client assets.
(In mid-August, LPL Financial hired Wells Fargo Advisors Chief Technology Officer Anthony Perkins to serve as its head of technology product development. Perkins will report to Chief Information Officer Victor Fetter.)
Thirty-one reps and three teams moved to the IBD with about $50 million to $100 million in AUM, including five registered reps from Wells Fargo, one from Morgan Stanley and one from UBS.
Twenty-nine individual advisors and one team switched to LPL with $30 million to $49 million in AUM in Q2. Within this segment, there are three ex-Wells Fargo reps and one former Merrill Lynch FA.
Of all the advisors exiting Wells Fargo and joining the IBD, only one was already independent and part of Wells Fargo Financial Network, or FiNet: Steven Gallo.
(Wells Fargo declined to comment.)
"Our hybrid RIA platform continues to appeal to many advisors, and we continue to add value to affiliation with LPL by developing new technology solutions and expanding service to our clients," explained Pirigyi. Above all else, advisors appreciate that through affiliation with LPL they can provide their clients with objective financial advice to help them work toward their financial goals."
FULL LIST
The complete list of new LPL reps is as follows:
$100 million or more in assets
· Robert Brown and Timothy Aubin, Gretna, Louisiana (J.P. Morgan Securities)
· Paul Carlson, Canby, Oregon (Edward D. Jones & Co)
· Rhonda Chavez, Michael Woods and Kevin Pitts, Prescott, Arizona (Wells Fargo Advisors)
· Mark Cross, John Caldwell and Jason Norton, Athens, Georgia (Wells Fargo Advisors)
· Frank DelBusto, Doral, Florida (TIAA-CREF)
· Bryan Foronjy, San Luis Obispo, California (Fidelity Brokerage)
· John Grose, Tierra Verde, Florida (Charles Schwab & Co. Inc.)
· Brian Hinson, Huntsville, Alabama (Lincoln Financial Advisors)
· Brandi Holmes, Plano, Texas (Fidelity Brokerage)
· Thomas Kennedy, Cleveland (Royal Alliance)
· Jon Marzano, Arthur Marzano and Steven Gallo, Clemmons, North Carolina (Wells Fargo Advisors)
· Michael Palace, Bedminster, New Jersey (Wells Fargo Advisors)
· Rick Schenck, Lafayette, Louisiana (Capital One)
· Joseph Siciliano, Woburn, Massachusetts (Fidelity Investments)
· Thomas Weissenburger, Clive, Iowa (Raymond James)
· Dale Wolf, Lakewood Ranch, Florida (Sun Trust Securities)
$50 million-$100 million
· John Anzaldua, Campbell, California (US Bancorp Investments LLC)
· Kevin Beaudoin, Traverse City, Michigan (Morgan Stanley)
· Raymond Bennett, Draper, Utah (Royal Alliance)
· Dane Byers, Houston (Southwest Securities)
· Gary Casciola, Steven Kantz and Mark Casciola, Pittsburgh (Invest Financial)
· Annette Crowley, Mashpee, Massachusetts (CCO Investment Services)
· Manus Duffy, Bayside, California (Union Banc Investments)
· John Fobes II, Larkspur, California (Park Avenue Securities)
· Craig Freeman, Tecumseh, Kansas (Edward D. Jones & Co.)
· Justin Gibson, Omaha, Nebraska (Waddell & Reed)
· Bruce Greening, Troy, Michigan (UBS Financial Services Inc.)
· Kirby Haines, Houston (SWS Financial Services)
· Kevin Harper, Vestavia Hills, Alabama (Ameriprise Financial Services)
· Hiram Hutchison II, Rock Hill, South Carolina (Invest Financial)
· Robert Johnson, Huntsville, Alabama (Lincoln Financial Advisors)
· Seth Kimmel, Huntington, Indiana (One America Security)
· Jeffrey Klein, Bend, Oregon (Wells Fargo Advisors)
