Two California-based financial advisors are joining LPL Financial’s broker/dealer and RIA platforms this month, adding $155 million in new client assets to the firm.
The new advisors, Dave Olivieri and Wes Rowlands, say they are leaving Voya Financial in favor of LPL because they needed a larger broker/dealer to support the growth of their Laguna Hills, Calif.-based firm, Professional Financial Services (PFS).
LPL has had some big recruiting wins so far this year; most recently the firm recruited Firenze Wealth Management, a $390 million team that joined from Foresters Financial, who’s brokerage and advisory business was purchased by Cetera Financial. LPL also recently added Seacoast Financial Network, a team with $120 million in client assets, from O.N. Equity Sales Company.
Last year, LPL recruited $27.3 billion in advisor assets.
LPL, the largest independent broker-dealer in the U.S., recently announced new efforts to overhaul its recruiting and new hire experience. The firm is using data from the 16,000 advisors who have transitioned to LPL over the years to optimize its transition packages. They’re also in the process of building a new digital portal to make it easier for potential recruits to assess whether they want to join the firm.
