Simmons Bank, which recently acquired Landmark Bank and its $400 million investment program, has switched that program to the LPL Financial platform from Raymond James.
The Simmons Investment program, which is headquartered in Pine Bluff, Ark., has advisers in Texas, Missouri and Tennessee.
After the acquisition of the Landmark program, which was part of its July 2019 acquisition of Landmark Bank, based in Columbia, Mo., Simmons now accounts for $1.5 billion in brokerage and advisory assets that use the LPL platform.
Luke Lee launched the company in 2016. It eventually issued $1.2 billion high-risk investments.
The company aims to bring Quicken's budgeting and investment tool tracking to its 20,000-plus advisor network
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A $2.97 million commission haul and rolled-over retirement money sit at the center.
He sold "safe" notes on his radio show. The SEC says he was never licensed.
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