Lakewood Wealth's $170 million Ann Arbor team moves from Cambridge to LPL

Harrison Kennard, Charles Dobben and Justin Pandy have moved Lakewood Wealth Management to LPL Financial's broker/dealer and registered investment adviser platforms, taking a book the announcement values at roughly $170 million in advisory, brokerage and retirement plan assets out of Cambridge. The Ann Arbor practice describes its client base as healthcare professionals, university faculty and student-athletes, and its services as tax planning, estate planning and wealth management; a roster that names student-athletes alongside faculty and physicians points to a practice grown through local institutional relationships.

Across three advisers, the book works out to about $57 million each, at a firm that supports more than 32,000 advisers and custodies some $2.6 trillion in brokerage and advisory assets. The math runs the other way too: the Ann Arbor book is roughly one fifteen-thousandth of LPL's total—the arithmetic behind platform consolidation, where a practice of this size buys into a technology, compliance and custody build it would be unlikely to fund alone and pays for it through the platform's economics.

The $170 million carries a Dec. 31, 2025 date, making it a snapshot from nine months before the move was reported, and it is the only number in the announcement. Nothing divides it among the retail advisory accounts, the brokerage accounts and the retirement plan assets, a mix that matters because a plan relationship is priced differently from a household one. Nor does the coverage describe a transition payment or any other terms.

The reasons given for choosing LPL were its resources, its technology and what the announcement calls a “commitment to adviser independence.” That vocabulary describes a destination, not a decision. This publication reported in September how insurance-owned books became a breakaway pipeline into hybrid RIAs that win with equity and custody independence, and none of those levers shows up here. The recruiting market for books this size has been repricing, with transition packages climbing at wirehouses and premium aggregators, which makes the missing figure conspicuous in a move between two platforms.

The announcement makes LPL's side plain: three advisers, a $170 million book, a client base clustered in one Michigan college town. A team this size is an increment for a platform of 32,000 advisers, which suggests a business built on accumulating books across thousands of practices. What was paid to win it—the practice's own economics, the destination of the retirement plan assets—is the part the announcement leaves out, and the part an adviser running the same comparison would want first.