It was an up and down recruiting week for LPL Financial LLC.
The company said last Wednesday that it had recruited 24 advisers, with almost $500 million in client assets, from the Delaware Valley Financial Group LLC of Conshohocken, Pa. Those advisers most recently were with Financial Network Investment Corp., part of the Cetera Financial Group of broker-dealers.
Jason Hron, a spokesman for Cetera, didn't respond to a phone call seeking comment.
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Meanwhile, a couple of LPL's rivals have picked off LPL advisers.
On Monday, Raymond James Financial Services Inc. said that two ex-LPL advisers, with $40 million in assets, had joined RJFS, the independent brokerage arm of Raymond James Financial Inc. Matt Lawson and William Winchester of Chattanooga, Tenn., left LPL on June 29 and are also acquiring the Winchester, Tenn., practice of Raymond James adviser John Goodson, bringing their total assets under management to $140 million.
CHICAGO ADVISERS
FSC Securities Corp., part of Advisor Group, a network owned by American International Group Inc., said Wednesday that it had recruited two LPL advisers in Chicago, Eric Burton and Ron Whittingham, who control $250 million in assets.
LPL last month had success recruiting large groups of representatives and advisers, having pulled in two giants, Bridgeworth Financial LLC, with $1 billion in assets, and Advantage Financial Group, with about $2 billion.
Bill Morrissey, LPL's executive vice president of business development, declined to comment about reps leaving the firm but said he was delighted that the Delaware Valley Financial Group was joining LPL.
bkelly@investmentnews.com Twitter: @bdnewsguy
