LPL Financial has added a father and daughter team with approximately $290 million in assets from Morgan Stanley. James and Amanda Zack launched The Zack Wealth Group under LPL’s employee advisor model, Linsco by LPL Financial.
Washington, D.C.-based James Zack has been in the industry for 38 years, and spent the last 12 years at Morgan Stanley. Amanda Zack joined the practice eight years ago.
The team was attracted to LPL's promise to grant them more freedom to independently run the practice.
“Our team is very family-focused, so it’s important that we build a business where we can truly put clients’ best interests first and maintain their portfolios without corporate influence, just like if they were our own family,” James Zack said.
Advisors under the Linsco model retain their market-facing identity, but are employees with access to LPL’s wealth management platform, business resources, branch management support, a dedicated marketing consultant, technology consultant and service team.
This follows news last week that LPL recruited First Summit Capital Management, an advisor team in Wilmington, Del., with about $380 million in assets, from PNC Investments. The team, led by principal owner and Managing Partner Thomas J. Cooney, will join Momentum Wealth Partners, an enterprise of LPL.
LPL seeded its W-2 employee model with its 2019 acquisition of Allen & Company, a Florida-based b/d that had 30 advisors and $3 billion in managed assets.
In 2022, LPL acquired the private client group of Conshohocken, Pa.-based investment bank Boenning & Scattergood, which included about 40 advisors and $5 billion in brokerage and advisory assets. That firm also joined Linsco.
According to LPL, the Linsco W-2 employee model leaves advisors “free to call the shots,” with payouts that range from 50%–70% of their production while maintaining full control of client relationships.
