Top LPL adviser going — but not gone

Waldron to custody assets elsewhere but keep relationship

By Bruce Kelly

Nov 7, 2012 @ 3:16 pm (Updated 3:42 pm) EST

custody, LPL

A big-time adviser affiliated with LPL Financial LLC said today that he is taking $1.2 billion in custodial assets elsewhere but is working to stick with the firm's latest technology and research offerings.

John Waldron, a top 100 financial adviser according to Barron's magazine, said he is moving his assets from LPL to rivals Pershing LLC and Fidelity Investments. That transition is schedule to take place by January.

But Mr. Waldron's firm, Waldron Wealth Management of Bridgeville, Pa., is not severing its ties with LPL. It is negotiating to use the technology and research offerings of Fortigent LLC, which LPL Investment Holdings Inc. acquired last year.

“Our relationship with LPL is evolving,” said Matt Helfrich, the chief investment strategist for Waldron Wealth Management. “We're using Fortigent in new and unique ways.”

Waldron Wealth Management works with ultrahigh-net-worth clients, and its move to Pershing Advisor Solutions LLC was in large part due to its bank offerings, Mr. Helfrich said. Pershing is owned by the Bank of New York Mellon Corp. Likewise, Waldron Wealth Management selected Fidelity Family Office Services and Fidelity Institutional Wealth Services because of its offerings for family offices.

LPL Financial is looking to expand its high-net-worth offerings, and Mr. Helfrich said Waldron Wealth Management will keep an eye on its progress. “Down the line, LPL could be a partner to custody assets,” Mr. Helfrich said.

“We're pleased that Waldron Wealth Management will continue its customer relationship with LPL Financial by using the high-net-worth support and services of our Fortigent subsidiary,” Bill Dwyer, president of national sales at LPL Financial, said in a statement. “We respect Waldron Wealth Management's decision to diversify its range of service providers, consistent with the continued evolution of its business model towards a sole focus on ultrahigh-net-worth and multifamily-office clients.”