LPL Financial has recruited a McAllen, Texas-based team with $500 million in client assets, the second practice to join LPL from Ameriprise Financial this week.
Strategic Insights Financial Planning Group was founded in 1986 by Arthur Hughes, who’s been affiliated with Ameriprise for 37 years. The team also includes Managing Partners James Credo and James Enriquez and advisors Alexis Villarreal and Leonardo Chang.
One of the reasons the team chose LPL was the desire to market their brand outside of Ameriprise’s franchise system and build content more easily, Enriquez said. The team also expects the move to improve their office efficiencies and marketing resources.
“We’re no longer a one-man firm, and it’s our hope that we can be a 100-year-plus firm with a unique brand and culture,” Enriquez said in a statement. “By joining LPL, we have access to LPL’s integrated platform with single sign-on and self-clearing capabilities. We can use the planning software of our choice, which gives us the capability to upload tax returns within the same system.”
The practice also hopes to expand its footprint and bring on additional advisors, and they believe the LPL partnership will make it more attractive to prospective recruits.
The move follows news yesterday that LPL added a team of three advisors in Louisvillle, Ky. with $300 million in client assets, also from Ameriprise. Last week, Matthew Edwards, a Sarasota, Fla.-based advisor with $210 million in assets, moved over from Ameriprise.