A $515M Indiana Team Returns to LPL from PNCA $515M Indiana Team Returns to LPL from PNC
Advisor Seth Marshall cited LPL’s evolution and specialized resources for high-net-worth clients as reasons for his return.
LPL Financial has recruited a team of advisors with $515 million in advisory assets in Fort Wayne, Ind. The team, led by U.S. Marine Corp. veteran Seth Marshall, has returned to LPL after about a decade at other firms, most recently PNC Private Bank Trust.
Endeavor Wealth Strategies will affiliate with Exemplar Financial Network, an office of supervisory jurisdiction of LPL.
Marshall started his practice 20 years ago focused on providing white glove service to high-net-worth and ultra-high-net-worth individuals. He was drawn back to LPL after seeing how the firm has changed since he was affiliated. He also cited the firm’s specialized resources for HNW clients.
“LPL has evolved significantly over the last few years into an advisor-centric culture that provides ultimate flexibility and choice in how we grow our business,” Marshall said in a statement. “With LPL’s innovative capabilities and strategic resources, coupled with localized support from Exemplar, we are excited to deliver for our clients in Northern Indiana using a full complement of professional services for all their wealth management and planning needs. We are fully committed to elevating our service offering and giving clients the one-on-one attention and detail they deserve.”
The independent broker/dealer currently has about $130 billion in high-net-worth assets. Over the last couple of years, the firm has built out more services to support the business of HNW advisors, including partnerships with investment banks to give clients direct access to capital markets. There are specialized lending partnerships for yachts, aircraft and art, and an expanded unified managed account platform. The firm also continues to build out access to alternative investments and support for more complex multi-generational planning. The firm is also exploring banking and lending "as a service."
Late last year, LPL launched a new affiliation model for high-net-worth-focused advisors. LPL Private Wealth Management is an employee model, and it aims to provide the resources and structure that a wirehouse advisor would typically have, at a higher payout.
LPL has been on a recruiting and acquisition tear this year. This week, the firm added a $1 billion Pennsylvania team from Merrill Lynch to its Strategic Wealth Services affiliation model.
Earlier this month, the firm announced plans to acquire Atria Wealth Solutions, an independent b/d network with about $100 billion in assets across 2,400 advisors and 150 banks and credit unions.
Last week, the firm struck a deal with Wintrust Financial Corp., a financial services holding company with a stable of chartered banks in the Midwest, to transition the entirety of Wintrust’s $13 billion AUM wealth management business, Wintrust Investments, and about 17% of the private client business at subsidiary RIA Great Lakes Advisors, representing $3 billion in assets, to LPL’s Institution Services platform. Both businesses were previously affiliated with Wells Fargo.
The firm has also benefited from the consolidation of Osaic, another major independent broker/dealer network. LPL recently added Cubby Bice, a North Carolina-based advisor with about $130 million, from Osaic. Bice said he left because of the “untenable” situation at Osaic, alleging the firm prioritized scaling up while neglecting the back office needs of advisors. The Wisconsin-based Equity Design Group was also affiliated with SagePoint and Osaic before announcing it would move to LPL earlier this month. The team cited Osaic’s consolidation as a primary reason, with co-founder Jason Hohenstein admitting the rebrand added a “significant layer of confusion” for clients.
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