California Advisor Moves From Morgan Stanley to LPLCalifornia Advisor Moves From Morgan Stanley to LPL
Steve Melen said his business approach was profoundly affected by his personal trials, including fighting back and overcoming a diagnosis of terminal stomach cancer in 2008.
Steve Melen, a Tiburon, Calif.-based advisor with about $100 million in client assets, has left Morgan Stanley to join independent broker/dealer LPL Financial. Melen said his business approach was profoundly affected by his personal trials, including fighting back and overcoming a diagnosis of terminal stomach cancer in 2008.
“I am a mentor, giving hope to recently diagnosed patients. I want to help them get through these scary times and inspire them to overcome their disease,” Melen said. “I believe there is power in having a positive mindset. I had a daughter that I had to survive for. I had clients that I did not want to let down. I had a reason to fight for survival, and I survived.”
The news of the new partnership between Melen and LPL follows a spate of activity in the past month for the nation’s largest IBD. On April 1, LPL announced that Seacoast Financial Network was joining LPL’s broker/dealer and corporate registered investment advisor platforms. Seacoast reported it served approximately $120 million of client brokerage and advisory assets.
On April 11, LPL announced two California-based financial advisors managing more than $155 million in client assets were leaving Voya Financial for LPL, in part due to LPL's size. Earlier this year, LPL touted the recruitment of Firenze Wealth Management, with $390 million in client assets.
In addition to recruiting, LPL could expand through mergers and acquisitions; CFO Matt Audette announced in March that the company has more than $1 billion in capital available for M&A in 2019.
“We feel really well positioned for M&A should it come up,” Audette said during a presentation at the Credit Suisse Financial Services Forum.
