LPL FinancialLPLA

Cornerstone Advisors and Clear Pointe Wealth Management have moved their combined 1 billion dollars in client assets to LPL. These teams join from Northwestern Mutual, a traditional insurance-focused firm, to use LPL's independent platform.

LPL grows by acting as the back-office and technology provider for independent financial advisors. Winning large teams like this is central to the company's strategy of taking market share from big, traditional institutions. It shows that LPL remains a top choice for advisors who want to run their own businesses while using LPL's scale for support.

Source: GlobeNewsWire

Matt Audette, who serves as both President and Chief Financial Officer of LPL Financial, has been elected to the board of directors at Valero Energy. He will also join their audit committee. It is common for senior executives to hold a board seat at an outside company to gain broader leadership experience, and this move does not change his role or responsibilities at LPL.

Source: Business Wire

LPL Financial added Horizon Wealth Management Group to its platform, bringing in about 385 million dollars in client assets. The team joins from Wells Fargo, continuing a trend of advisors leaving big Wall Street banks to run their businesses independently. This move is a routine part of LPL's growth strategy. The company grows by acting as the back-office and technology provider for independent advisors, and its success depends on its ability to keep winning these teams away from traditional banks.

Source: GlobeNewsWire

Northstar Financial Advisors has joined LPL's platform, bringing more than 270 million dollars in client assets. The firm is moving over from Raymond James, a rival wealth management company. LPL grows by recruiting independent advisors who use its technology and back-office tools to run their businesses. While this single move is small for a company that manages over 1.5 trillion dollars, it adds to the steady stream of new assets that LPL needs to keep its growth on track.

Source: GlobeNewsWire

A three-person team managing about 395 million dollars has moved to LPL's Linsco platform, which provides advisors with their own office and staff while LPL handles the back-office work. The advisors are joining from Morgan Stanley and RBC Wealth Management. This is another small step in LPL's strategy to win over advisors from big Wall Street banks. By offering more independence and a higher share of the fees they earn, LPL continues to grow its total assets under management, which is the primary engine for its long-term profit growth.

Source: GlobeNewsWire

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