Suffolk Wealth Management, the investment program offered by the credit union Suffolk Federal, will be joining LPL Financial, accessing its broker-dealer and corporate registered investment advisor platforms. Suffolk’s advisors will be joining LPL from CUNA Brokerage Services.
“Being in the industry for 30 years, there has been so much change and we felt it was time for us to align with a platform that could create more opportunities for our members,” said James Gallagher, Suffolk’s Vice President of Credit Union Services. “We could very easily see that LPL listens to their advisors.”
Suffolk Wealth Management is based in Medford, N.Y. and has about $110 million in assets under management. Suffolk Federal was founded more than 50 years ago and has 11 branches throughout Long Island.
The partnership between Suffolk and LPL is the latest in a spate of recruitments by the country’s largest independent broker/dealer. Late last month, Texas-based Salter Financial Group joined LPL from Cetera Financial Network with $100 million AUM, and LPL added 30 advisors with $3 billion in managed assets from Florida-based Allen & Company in May. Earlier this month, PacNorth Retirement Group, which manages approximately $1.1 billion of brokerage, advisory and retirement plan assets, joined LPL from Raymond James, citing the IBD’s integrated tech platform as an enticing benefit of the new partnership.
These recruitments have been occurring during a period of ‘rebounding’ for LPL, with advisors lauding the firm’s updated tech capabilities and responsiveness to advisor concerns. As of April, LPL had $699 billion in AUM, with 16,189 advisors at the end of the first quarter.
