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.
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“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
