Securities America snags $800 million firm from LPL

Securities America Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. with more than 2,000 advisers, has picked up an $800 million registered investment adviser formerly associated with LPL Financial Inc.
The firm, BEAM Asset Management, has around 32 advisers and brought in $6.5 million in annual revenue, according to a statement from Securities America.
BEAM was formed in March from the merger of two smaller firms, Financial & Investment Management Advisors and Universal Financial Planning Consultants, both of whom had been affiliated with LPL.
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The new firm is led by Scott Bordelon, who was previously head of Financial & Investment Management Advisors, and Larry Lock and Steven Hollis, formerly with Universal Financial Planning Consultants.
“We wanted a broker-dealer that had demonstrated its willingness to support a super [office of supervisory jurisdiction] branch structure, to help that branch recruit advisers and to work with an independent RIA,” said Mr. Bordelon, who is located in Covington, La.
Securities America has around $55 billion in client assets under management. Around $21.4 billion in assets are on its RIA platform, according to InvestmentNews’ broker-dealer database.
“We wish them well,” said Brett Weinberg, a spokesman for LPL Financial, in an email.
A spokesman for Securities America was not immediately available to comment.