After 17 years with Lincoln Financial Securities, Bill Pickering has decided his $300 million-plus wealth management practice will be better served by a new broker-dealer relationship at ProEquities of Birmingham, Ala.
Mr. Pickering, president of First Summit Financial in the Orlando suburb of Sanford, Fla., will bring 20 reps along with him.
Summit Financial's move was made official to Lincoln Financial at around 5 p.m. Eastern Standard Time on Tuesday. Mr. Pickering's clients were also notified of the broker-dealer's move at that time.
A Lincoln Financial spokeswoman declined to comment, citing a company policy to not comment on "employee departures."
"We're moving approximately $2.5 million worth of gross-dealer concessions and about $300 million worth of gathered assets, which includes assets under management, mutual funds and annuities," Mr. Pickering said.
Mr. Pickering said he is looking forward to working with ProEquities, which is owned by Protective Life Insurance Co.
"Everyone at ProEquities is in one location, and that is a big attraction," Mr. Pickering said. "We felt the direction and support of ProEquities is better for our firm."
He said the decision to switch broker-dealers was months in the making, and that despite the challenges, he decided it was the best move for his business and his clients.
"This kind of transition is complex and cumbersome, and it's not easy to do," he added. "But when you make the decision that the support is better for you, you have to do it."