A trio of advisors with a reported $185 million in client brokerage and advisory assets is joining LPL Financial, according to the firm. The Idaho Falls, Idaho-based firm, Teton Wealth Management, is leaving Waddell & Reed.
The firm, led by Jake Murray, Mike Canavan and Jill Phillips, is joining LPL's broker/dealer and corporate registered investment advisor platforms. The team was drawn by LPL's technology and support, said Murray.
LPL acquired AdvisoryWorld in an all-cash deal last December, to improve the firm's proposal generation, onboarding and investment analytics capabilities. Meanwhile, Waddell & Reed recently announced the deployment of an advisor-focused tech platform built by Refinitiv and powered by Thomson ONE tech.
LPL's scale was attractive as well, added Canavan. The trio of advisors will also be joined by three support personnel.
“We are committed to being an innovator in the industry and we are honored that quality advisors like Jake, Mike and their teams have partnered with us to help their clients work toward their financial goals," said Rich Steinmeier, LPL's managing director and divisional president of business development. "We welcome them to the LPL family and look forward to supporting them for the long run.”
