LPL Financial has recruited Rosemont Financial Group, an RIA in Albany, N.Y., from Cambridge Investment Research Advisors, according to an LPL announcement made Monday.
Rosemont President Steven Novotny said the COVID-19 pandemic nudged his team, which manages approximately $900 million in advisory, brokerage and retirement plan assets, to search for a new home with “enhanced technology.”
“With more clients at home looking to access their information online or through conference calls, we recognized the need,” he said in a statement. “LPL stood out with an online portal that is easy for our clients to use and navigate. And for our advisors, with everything integrated into one platform, it’s easier to manage our business.”
He added the LPL’s self-clearing abilities allows Rosemont to be more efficient in business operations.
“The experiences of this year shined even more light on the role technology, digital capabilities and partnership play in an advisor’s practice," said Rich Steinmeier, LPL Financial managing director and divisional president of business development. "We will continue to invest in the capabilities and solutions that help advisors grow value with their clients and for their business,”
The 11-member team of advisors is led by Novotny and Vice President Paul Coluccio, and includes René Farrington, Christopher Gilbert, Cody Wojdyla, Judith Odell, Ross Fábregas and Joseph Turo—all who have been with the practice since its start at AXA Advisors 10 years ago. Advisors Christopher Dacey, Lorraine Reith and Christopher Noonan joined the team while it was at Cambridge.
San Diego-based LPL, with over 17,000 advisors, also announced last week that it will acquire Waddell & Reed’s wealth management unit of 921 independent advisors that collectively managed $63 billion in AUM.
