Since LPL Financial announced its deal to acquire Commonwealth Financial Network in March, roughly 328 advisors have left the independent broker/dealer, according to a new analysis by Wolfe Research. That includes the Summit Wealth Group, a team of 24 advisors who left in May to start their own registered investment advisor. Excluding that group, which […]
LPL Loses 328 Advisors After Commonwealth Deal Read More »
Osaic has picked up two advisor teams this week, including Englewood, Colo.-based True Wealth Advisors, an Englewood, Colo.-based group with five advisors and $705 million in client assets, and Soundview Financial Group, a Tacoma, Wash.-based practice with about $104 million in assets. True Wealth joins Osaic from LPL Financial and GPS Wealth Strategies Group, a
Osaic Adds Teams From Commonwealth, LPL Read More »
A Massachusetts-based bank is suing several former employees, claiming they took confidential client information after resigning to establish their own firm. However, one of the advisors who left called the lawsuit “frivolous,” claiming MountainOne was using the courts and the media “in an attempt to sully (their) good and hard-earned reputation.” In the suit, MountainOne
MountainOne Sues Ex-Advisors, Having Lost LPL Payments Read More »
LPL announced the rollout of its own integrated, in-house cash management account this week. While former LPL CEO Dan Arnold first hinted at building its own integrated account in 2022, it was Chief Wealth Officer Aneri Jambusaria who, in August, discussed a pilot underway and heralded its impending arrival during the firm’s annual 2025 Focus conference.
LPL Rolls Out New Integrated Cash Management Account Read More »
LPL Financial closed on its acquisition of Commonwealth Financial Network, the Waltham, Mass.-based independent broker/dealer with 3,000 advisors and $305 billion in assets, in August. Since then, many Commonwealth advisors have decamped for other broker/dealers, including $1 billion in assets that left this week. However, on a third-quarter earnings call on Thursday, CEO Rich
LPL Retains 80% of Commonwealth Assets to Date Read More »
A Cincinnati-based team managing about $715 million in client assets is joining LPL Financial from Cetera. Concentric Wealth Management is led by Patrick Burke and Matt Tarka, and was affiliated with Avantax (which Cetera acquired in 2023). The firm was founded as an accounting firm over 40 years ago, and added wealth management services 15 years
LPL Financial Attracts $715M Team from Cetera Read More »
Some of the country’s largest broker/dealers added financial advisors overseeing a combined $914 billion to their registered investment advisor affiliation channels. In the past couple of weeks, Cetera Financial Group, LPL Financial and Raymond James have poached from competitors Commonwealth, Edward Jones and B. Riley Wealth, even as they compete in a market with acquisitive
Cetera, LPL, and Raymond James Bolster RIA Channels Read More »