LPL recruits $300 million Founders Federal Credit Union group from Cetera
Louis Diamond Quoted
By Jeff Benjamin
LPL Financial has recruited a team managing $300 million from Cetera Advisor Networks, one of six independent broker-dealers under Cetera Financial Group.
Founders Investment Services, an advisory unit of Founders Federal Credit Union in Lancaster, S.C., will join LPL’s broker-dealer in the latest move involving the two competing IBDs.
The move by the Founders team makes sense, according to Louis Diamond, executive vice president at Diamond Consultants, because of LPL’s solid bank platform and resources to support that segment.
“The fact that this group worked with a credit union makes sense for LPL’s business model,” Mr. Diamond said. “LPL ranks among the top broker-dealers with competitive banking platforms that have the resources to build out a wealth management unit inside a bank.”