A Cincinnati-based team of advisors has moved their book of business to LPL Financial. Dougherty, Tedesco & Associates previously managed about $800 million in client assets at Osaic. They joined Osaic via the firm’s acquisition of Lincoln Financial’s wealth business, which closed in May.
The firm was founded by Charlotte Dougherty in the early 1980s. It’s now led by advisors Andrew Tedesco and John Dougherty III. They’re joined by Registered Sales Assistant John Dougherty, Jr., Director of Client Services Caitlin Ackerman and support staff members Rita Anno and Ben Verchick.
Tedesco said his team was attracted to LPL’s platform, technology and resources.
“Additionally, LPL’s size, strength and commitment to innovation align with our own values and aspirations for growth,” he said in a statement.
Last year, Osaic rebranded from Advisor Group and planned to roll its eight broker/dealers under one entity, including American Portfolios, FSC Securities, Infinex Investments, Royal Alliance Associates, SagePoint Financial, Securities America, Triad Advisors and Woodbury Financial Services, within 18 to 24 months.
In May, the firm closed its acquisition of Lincoln Financial’s $115 billion wealth business after striking a deal to buy it for $700 million last December. Lincoln will also be rolled into Osaic.
Amidst these changes, some Osaic and Lincoln teams have opted to leave, and many landed at LPL.
For instance, in August, LPL attracted two advisory teams from Osaic, representing more than 30 advisors and $4 billion in client assets. Lutherville, Md.-based Academy Financial and Berwyn, Pa.-based PFG Advisors were previously with Lincoln’s wealth business.
Earlier this month, LPL’s board of directors terminated President and CEO Dan Arnold for cause, citing violations of respectful workplace policies. Earlier this week, the board named Rich Steinmeier, former managing director and chief growth officer, as its new CEO, effective immediately. Steinmeier had been serving as interim CEO since Oct. 1, when Arnold was fired. Steinmeier was also elected to sit on the board. Matt Audette was also appointed president and CFO. He previously served as CFO and head of business operations.
