LPL adviser Waldron going- but not gone

Nov 11, 2012 @ 12:01 am

By Bruce Kelly

A big-time adviser affiliated with LPL Financial LLC said last week 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 that he is moving his assets from LPL to rivals Fidelity Investments and Pershing LLC by January.

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

“Our relationship with LPL is evolving,” said Matt Helfrich, chief investment strategist for Waldron Wealth Management, which works with ultrahigh-net-worth clients.

The firm's move to Pershing Advisor Solutions LLC was in large part due to its bank offerings, he said.

Bank of New York Mellon Corp. owns Pershing.

Waldron Wealth Management selected Fidelity Family Office Services and Fidelity Institutional Wealth Services because of its offerings for family offices.

LPL is looking to expand its high-net-worth offerings, and Waldron Wealth Management will keep an eye on its progress, 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, said in a statement.

bkelly@investmentnews.com Twitter: @bdnewsguy

0
Comments

What do you think?

View comments

Recommended for you

Latest news & opinion

The appeal and pitfalls of holding unconventional assets in retirement accounts

While non-traditional asset classes held in individual retirement accounts may have return and portfolio diversification benefits, there are "unique complexities" that limit their value for most investors.

Wells Fargo's move to boost signing bonuses could give it a lift

Wirehouse is seen as trying to shore up adviser ranks that took a hit after banking scandal

New Jersey fines David Lerner Associates for nontraded REIT sales

Firm will pay $650,000 for suitability, compliance and books and records violations.

Report predicts $400 trillion retirement savings gap by 2050

Shortfall driven by longer life spans and disappointing investment returns.

Wells Fargo will ramp up spending to lure brokers

Wirehouse, after losing 400 brokers in first quarter, is bucking trend among rivals who have said they are going to cut back on spending big bucks recruiting veteran advisers

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print