Louis Diamond Quoted – By Ian Wenik, Citywire – M&T Bank is moving its retail brokerage and advisory business to LPL Financial, the two companies said on Wednesday. The move will add roughly $20bn in client assets under management and 170 advisors to LPL’s institutional platform. LPL said that M&T Bank will be the largest financial institution it serves.
3 “ex-wirehouse-turned-independent-industry-leaders” in a rare single forum: Shirl Penney of Dynasty Financial Partners, Jim Dickson of Sanctuary Wealth and Rich Steinmeier of LPL Financial. They join Mindy Diamond to share an “insider’s view” of the wirehouse world, wealth management, independence, and more.
Louis Diamond Quoted – By Ian Wenik, Citywire – It didn’t take LPL Financial long to reveal the advisor team interested in its new wirehouse breakaway business.
Louis Diamond Quoted – By Alyson Velati, FundFire – LPL’s new independent affiliation model, LPL Strategic Wealth Services, targets advisors who are employees of wirehouses or other brokerages who want to go the independent route.
Louis Diamond Quoted – By Asia Martin, WealthManagement.com – Under the premium affiliation model, LPL will handle some of the more daunting tasks involved in going independent while allowing advisors to be self-employed.
Louis Diamond Quoted – By Asia Martin, WealthManagement.com – Bleakley Financial, a firm affiliated with Private Advisor Group, an office of supervisory jurisdiction of LPL Financial, announced it had added an advisor with $170 million in client assets from Northwestern Mutual. The advisor, Lyle Weintraub, joined last week as the coronavirus continued to wreak havoc on the markets.
Louis Diamond Quoted – By Mrinalini Krishna, Financial Advisor IQ – Big jumps in advisor loans reported by and LPL Financial reflect concentrated recruiting efforts at those shops that can set the tone across the industry, recruiters and company executives say. The increase in Stifel’s loan numbers is likely a result of the growing number of advisors they are hiring rather, not a signal that the firm is cutting bigger checks per deal, says Louis Diamond, executive vice president and senior consultant with Diamond Consultants.
With 30 years under its belt, LPL Financial is undergoing an evolution to what CEO Dan Arnold describes as “the next generation independent model.” Guests Rich Steinmeier and Marc Cohen share some inside baseball on the independent broker dealer’s new direction.
Mindy Diamond Quoted – By Jeff Benjamin, InvestmentNews – Chicago-based HighTower continues to live up to its reputation as a hungry acquirer of larger registered investment advisers. In the latest example of its private-equity-backed growth strategy, HighTower >announced the acquisition of Schultz Collins, a $1 billion advisory group with offices in San Francisco, Washington and Towson, Md.
By Tobias Salinger, Financial Planning – A financial advisor who bolted from JPMorgan Chase Bank says many in the bank channel hesitate to go independent from their longtime branches and well-known brands.
Subscribe for Updates
Get updated by email when a new article is added.
Recent News & Articles
- Add FAs, Digitize, Cross-Sell: BofA Boss’s Wealth Biz Growth Plan
- Top Tips for Setting Your Business Up for Success Years Before a Move: An Industry Update
- Summit Partners Backs Ex-First Republic Wealth Chief’s RIA Venture
- Leveraging the Power of Mindset to Enhance Your Wealth Management Business
- The Next Chapter: Former First Republic Head Launches RIA with Backing from PE Firm Summit Partners