LPL adds Prince Financial Services, Seattle team with $1B from Northwestern Mutual

LPL Financial has added Prince Financial Services, a Seattle-based team from Northwestern Mutual that had been overseeing about $1 billion in advisory, brokerage and retirement plan assets. The San Diego-based broker/dealer said the firm joined its RIA channel and custodial platform for the technology, advisor service model and investments in innovation.

Prince Financial Services was founded by Julie Prince and Dave Burnett, who have both been with Northwestern Mutual for about 20 years, according to BrokerCheck. WealthManagement.com reported that the team also includes partners Cade Mossman, Conner Gehring and David DeYoung, plus a support staff of 10 to 15 people making the move together.

The firm spent nearly a year researching potential partners before selecting LPL, Mossman said in a statement. "LPL stood out because of its continued investment in technology and its commitment to helping advisors operate at their highest level," he said. "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 practice focuses on retirees, business owners, high-net-worth families and technology professionals across the Pacific Northwest and takes a planning-first approach, according to the announcement.

At the end of July, LPL reported $25 billion in recruited assets during the second quarter, up 35% year over year and about 47% sequentially. The same announcement also lists a $1.1 billion team that joined the RIA channel from Wells Fargo Advisors Financial Network — Praxis Financial Partners, per PWD's records, a transition dated Oct. 6 that has not been independently confirmed — and two teams managing about $1 billion in combined assets from Northwestern Mutual.

In August, Yari Capital, an Atlanta practice that ended a 30-year Northwestern Mutual run by joining Carson, moved with its name and staff intact. In September, Northwestern Mutual launched a family office unit inside its advisor model, layering legal, tax and legacy specialists behind its existing advisors.

LPL reports third-quarter earnings on Oct. 27, its first accounting of whether the recruiting pace held through the additions it has announced since.