An advisory team led by North Carolina–based advisor Robert Mitchell is joining LPL's Linsco division, the independent broker/dealer’s employee-advisor model.
The R.B. Mitchell Team is joining LPL from Stifel, and manages about $410 million in advisory and brokerage assets. It’s the latest in a number of recent affiliations for LPL's division that launched in 2020 and employs advisors as W-2 employees.
According to LPL, Mitchell “never dreamed” he’d one day run a firm like his after he faced homelessness as a young adult. As part of its mission, Mitchell's firm accepts all clients and has no account minimums, the firm said. His team includes wealth associates Joanna Page, CPA, and Jonathan Peters, CFP, as well as Andrea Wisekal, Registered Client Associate.
The advisory team will serve as the anchor tenant for a new Linsco office in Greensboro, N.C.
“We’re not purely a transactional business—we care about our clients and want to give them the attention they deserve,” Mitchell said. “LPL values that same quality approach; they put their advisors first and that’s something that’s always stood out to us.”
LPL announced two additional Linsco affiliations in recent weeks, including Beltway Wealth Management, a D.C.-based firm with about $360 million in assets under management. The practice is led by advisor Gary Edmonds, who joined LPL from UBS. Additionally, Lisa Tesar, a Cedar Rapids, Iowa–based advisor who heads Tesar Group Investment & Financial Planning with about $260 million in client assets, affiliated with Linsco after moving from Morgan Stanley.
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.
There are more than 50 advisors on the Linsco platform, and its origins lie in LPL's 2019 acquisition of Allen & Company, a Florida-based b/d with 30 advisors and $3 billion in managed assets. Linsco's AUM totals more than $8 billion, including assets from Allen & Company, which represents about half of that total.
