A Springfield, Ill.-based firm with about $370 million in brokerage and advisory assets will be joining LPL Financial via the Private Advisory Group, the independent broker/dealer’s office of supervisory jurisdiction (OSJ), which has about $19 billion in assets under management.
Broadway Graham Wealth Partners will be joining LPL and PAG from Wells Fargo Clearing Services, and will include co-founders Shane Adkins, Zach Bromley and Jay Cole, along with additional operational support. The three leads have different expertise, with Adkins specializing in financial planning, while Bromley focuses on investment management and Cole specializes in corporate retirement planning.
Cole stressed that much of the inner workings of PAG would be new to the firm, as they were transitioning from the wirehouse world, but he found that the RIA had made them feel comfortable during the change. He also cited trust in LPL’s senior leadership team and access to the broker/dealer’s technology options as additional reasons for making the shift, while Bromley pointed out that his firm made the move in part because of its desire to retain more control over its own business.
“The freedom to do what’s best for our clients, combined with access to both brokerage and RIA, is huge,” he said. “We have a client-first culture, and our clients look to us as their partner. We are excited about the opportunity to mold our office as we want and to be able to offer the strategies and products that suit our clients’ needs.”
LPL’s largest OSJ has announced several partnerships with firms this year, including two in the midst of March as the coronavirus crisis intensified. On March 2, Global Advisor Group, a Virginia-based firm with about $610 million in client assets, joined PAG from Raymond James Financial Services, while Lyle Weintraub, an advisor with approximately $170 million in managed assets, joined Bleakley Financial, a firm affiliated with PAG, later that month.
LPL has also continued to attract firms in its own right, including a number of firms from Securities America. Several firms have moved to LPL’s brokerage, corporate registered investment advisor and custodian platforms, after the independent broker/dealer acquired Ladenburg Thalmann (Securities America had been one of Ladenburg Thalman’s broker/dealers). The company has also strived to retain its recruitment momentum during the COVID-19 crisis, instituting virtual home office visits to continue to entice interested small firms.
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