El Paso, Texas-based financial advisor Peter DeSantis has moved his $100 million book of business from Cetera Advisor Networks to LPL Financial. The move was driven in part by the need to join a fellow LPL advisor, who will eventually take over DeSantis’ practice.
DeSantis launched his practice with his wife, Ana, in 1985, when they were both laid off due to chemistry lab layoffs. And while he does not plan to retire anytime soon, he wanted to make sure he had a contingency plan in place should something happen to him.
Succession plan aside, DeSantis was also attracted to LPL’s integrated tech platform, ClientWorks.
“As Peter recognizes, it is just as important for advisors to have a plan that protects their own legacies, so they are able to unlock the value of their business when they are ready,” said Rich Steinmeier, LPL managing director and divisional president, business development.
