SGC Financial and Insurance Services, a San Mateo, Calif.-based advisory firm with more than $1 billion in advisory, brokerage and retirement plan assets, will join LPL Financial after an 18-month search for a new partner, LPL announced today. The team of 13 advisors will join LPL from Securian Financial.
SGC President Matthew Bond said the firm sought greater independence, as well as better tech options, and was attracted to LPL by ClientWorks, its advisor platform, as well as the transparency that comes with being a publicly traded company.
“Today, more than ever before, clients are searching for independent advice to assist them in the pursuit of their hopes and dreams in a constantly changing financial market place. While the need has never been stronger, the solutions can be confusing and clients can benefit from the partnership of an advisor to help them navigate the options,” Bond said. “As a firm, our mission is to understand each client’s goals and develop a plan together that helps them reach them.”
SGC Financial was founded in 1945. In addition to Bond, the leadership team includes Chief Operating Officer Cara Banchero, who manages a group of advisors operating individual practices while also collaborating when beneficial for clients. Bond expressed hope that the new partnership with LPL could help them further establish their reputation as a "destination firm" for advisors.
“LPL’s size and scale, combined with the excellent transition and onboarding support, is huge,” he said. “We expect this move to LPL will help us continue to thrive and expand our footprint in the Bay Area, as well as look into regional opportunities.”
Rich Steinmeier, LPL’s managing director and divisional president for business development, lauded SGC Financial for its resiliency during the COVID-19 pandemic as it continued to seek the appropriate deal and partner in the midst of the uncertainty.
“They recognize that the demand for advice continues to grow, and that being able to access leading technology, provide a differentiated experience and by having access to growth support, they have a bright future ahead,” he said. “As they grow, we will meet them where they are with the relevant platforms, technology and digital capabilities that will enable them to continue to lead in their market."
