LPL adds $1 billion Seattle team from Northwestern Mutual

LPL Financial has added a Seattle-based team from Northwestern Mutual that oversaw about $1 billion in advisory, brokerage and retirement plan assets, WealthManagement.com first reported.

The team includes Prince Financial Services founders Julie Prince and Dave Burnett, each of whom spent about 20 years at Northwestern Mutual, according to BrokerCheck data cited in the report. Partners Cade Mossman, Conner Gehring and David DeYoung are part of the group, along with a support staff of 10. Insurance-owned advisor books have become a recognizable breakaway pipeline, as this publication has reported.

Cade Mossman said the firm spent nearly a year researching potential partners before selecting LPL.

“LPL stood out because of its continued investment in technology and its commitment to helping advisors operate at their highest level,” Mossman said in a statement. “We believe those capabilities will help us serve our clients more efficiently today while positioning our firm for continued growth and success in the years ahead.”

The Seattle team said it joined LPL’s RIA channel and custodial platform for its technology, advisor service model and investments in innovation. The practice serves retirees, business owners, high-net-worth families and technology professionals across the Pacific Northwest, using a planning-first approach, according to the announcement.

LPL reported $25 billion in recruited assets in the second quarter, up 35% from a year earlier and about 47% sequentially, WealthManagement.com reported.

Since that disclosure, LPL has added a $1.1 billion team to its RIA channel from Wells Fargo Advisors Financial Network and two Northwestern Mutual teams managing about $1 billion in combined assets, according to the report. LPL did not immediately respond to a request for comment on its total RIA channel recruited assets this year, the report said. It reports third-quarter earnings Oct. 27.