Santa Clara, Calif.-based independent broker/dealer Foothill Securities has scooped up a team with over $1 billion in assets from Financial Telesis. California Financial Advisors in San Ramon, Calif. is run by principals Michael Maloon, Thomas Powers, Mark Pitre and Michelle Perry Higgins.
Last July, LPL Financial struck a deal to recruit the 400 advisors from San Rafael, Calif.-based Financial Telesis, an IBD focused on retirement plan consulting. At the time, Bill Chetney left his role as president of LPL Retirement Partners, the firm’s retirement plan consulting business, to acquire Financial Telesis and form a new advisory firm Global Retirement Partners.
Foothill Securities, which has about $6.5 billion in brokerage and advisory assets, offers its advisors an equity stake in the firm. The firm hopes to double its revenue over the next five years, said Steve Chipman, president and CEO.
“We wanted to be sure that our broker/dealer’s focus would be on us and our practice, not on pressures from outside investors, a broader parent company’s corporate goals or an agenda of pushing proprietary products and arbitrary quotas,” Pitre said, in a statement. “We are delighted to be true stakeholders in Foothill Securities.”