At a glance
- The teams came from UBS, Edward Jones, Cetera and Cambridge Investment Research.
- For Commonwealth advisors, the conversion is this weekend, and the four announcements show the two LPL routes on offer.
- FHT Advisors and Impel Wealth Management, Ohio practices that will remain separate, left Cetera with about $1.15 billion combined.
LPL Financial announced four recruiting wins this week with about $2.5 billion in client assets, according to WealthManagement.com, ahead of its planned conversion of Commonwealth Financial Network advisors this weekend.
The teams came from UBS, Edward Jones, Cetera and Cambridge Investment Research. Brett Mower and Timothy Gallagher left UBS for LPL Strategic Wealth, the firm's supported-independence channel, to start LegacyCoast Private Wealth in Haddonfield, N.J., with about $480 million. Nate Hershman left Edward Jones in North Canton, Ohio, to launch SteadRock Private Wealth on LPL's broker/dealer and RIA platform with about $185 million.
For Commonwealth advisors, the conversion is this weekend, and the four announcements show the two LPL routes on offer. LegacyCoast chose the supported-independence channel; the other three joined the broker/dealer and RIA platform.
FHT Advisors and Impel Wealth Management, Ohio practices that will remain separate, left Cetera with about $1.15 billion combined. Sound Foundation Wealth Advisors, founded in Boise, Idaho, by Nathan Downs and Cory Thomas, left Cambridge with about $700 million.
One analyst told WealthManagement.com that clearing the conversion will see LPL go further on "offense" in the marketplace.
| Team | Previous firm | Reported client assets |
|---|---|---|
| LegacyCoast Private Wealth (Haddonfield, N.J.) | UBS | about $480 million |
| SteadRock Private Wealth (North Canton, Ohio) | Edward Jones | about $185 million |
| FHT Advisors and Impel Wealth Management (Ohio) | Cetera | about $1.15 billion combined |
| Sound Foundation Wealth Advisors (Boise, Idaho) | Cambridge Investment Research | about $700 million |
Mariner Independent adds three teams with $302 million
Mariner Independent, a division of the Overland Park, Kan.-based RIA, said it onboarded three new teams since September overseeing a combined $302 million in assets under management. That is roughly a quarter of the $1.3 billion that Mosaic Value Partners, an RIA in Aliso Viejo, Calif., brought when it joined the channel in April as its largest single practice of the year.
Reported by the M&A desk from WealthManagement.com. Published . Corrections