LPL adds $1.2 billion pair from Morgan Stanley

LPL adds $1.2 billion pair from Morgan Stanley
The California-based father-son team cite LPL’s resources for serving high-net-worth clients.
SEP 18, 2023

A father-and-son team of advisors who managed about $1.2 billion in assets at Morgan Stanley has joined LPL Financial’s model for supported independence, LPL Strategic Wealth Services.

Burke Francis and Christopher Francis will operate as The Francis Group at LPL in the Los Angeles area. Burke Francis has been building the firm, which focuses on asset management for high-net-worth individuals, since 1966; Christopher Francis joined the business in 1998 after working in real estate development and with venture-capital backed companies.

In response to requests from their clients for more white-glove, family office type services, the two decided to make a change and settled on LPL Strategic Wealth Services. In a statement, they cited LPL’s offerings, including its HNW services team, Private Trust Company and specialized product capabilities.

“Now we can grow and build the firm as we’d like, with the expanded resources and experience from the LPL Strategic Wealth Services team,” Chris Francis said in the statement. “With this dedicated support, along with LPL’s innovative digital capabilities and robust business solutions, we’ll have the tools and resources at our disposal to deliver enhanced services and experiences for each client.”

Burke Francis started his career at Hornblower & Weeks Hemphill Noyes in 1966 and did stints at E.F. Hutton & Co., Merrill Lynch, Lehman Brothers and Citigroup before joining Morgan Stanley in 2009, according to his BrokerCheck report. Christopher Francis started at Interfirst Capital Corp. in 1998 and joined Morgan Stanley in 2009.

“We used to tell our clients ‘bigger is better,’ but we realize that is not the case anymore, and with searing vision comes beneficial results,” Burke Francis said in the statement.

How advisors can boost their businesses by becoming macro specialists

Latest News

March Madness special: Should financial advisors let their clients pick longshots?
March Madness special: Should financial advisors let their clients pick longshots?

Taking home first prize in an NCAA tournament pool often requires picking longshots and upsets. The same might be said for winning in the stock market.

'We have something special here'
'We have something special here'

Janney Montgomery Scott's president and CEO tells IN about the firm's acquisition by KKR, the equity ownership arrangement for all its advisor employees, and how it plans to continue for another 200 years.

Bridgewater's flagship hedge fund surges amid volatile markets
Bridgewater's flagship hedge fund surges amid volatile markets

The firm's flagship fund, which invests in stocks, bonds, currencies, and commodities, saw accelerated gains as some peers lost ground.

ICI floats '40 Act revamp to support middle-class wealth creation
ICI floats '40 Act revamp to support middle-class wealth creation

Policy proposal offers recommendations on dual-share class funds, semi-transparent ETFs, and expanded flexibility for closed-end funds to include private market assets.

Trump-induced turbulence tests 60-40 strategy's limits
Trump-induced turbulence tests 60-40 strategy's limits

With bonds failing to provide a safety net for steeply falling stock prices, many investors are letting go of their "set it and forget it" approach.

SPONSORED Beyond the all-in-one: Why specialization is key in wealth tech

In an industry of broad solutions, firms like intelliflo prove 'you just need tools that play well together'

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies