LPL Financial said Monday it added a 16-advisor team that managed about $1.5 billion in advisory, brokerage and retirement plan assets with Kestra Financial.
Watermark Wealth Management, which has joined LPL's broker-dealer, registered investment advisor, and custodial platforms, has registered offices in Chandler, Payson and Scottsdale, Arizona, and Minneapolis, LPL said.
Asked to comment on losing Watermark, Stephen Langlois, president of Kestra, said, "We wish the Watermark team great success and appreciated the opportunity to serve their business."
Watermark was founded in 2009, during the financial crisis, by a small group of advisors who were looking to share resources in an independent environment, according to LPL.
The team, which has grown over the years, now also includes 12 support staff members.
