LPL expands in North Dakota with Cetera advisor duo

LPL Financial

The firm revealed Monday announced that Northern Plains Financial, a financial advisory firm based in Grand Forks, North Dakota, has joined its broker-dealer, registered investment advisor, and custodial platforms. The practice is headed by two financial advisors who transitioned from Cetera, where they reportedly managed approximately $225 million in advisory, brokerage, and retirement plan assets.

Northern Plains Financial, established in 2014, is led by Michael Elsberry, who has two decades of experience in the financial services industry. His affiliations previous to Cetera included registrations with First Allied, Morgan Stanley, and Merrill Lynch, where his career as an investment advisor and broker began in 2005.

"I enjoy working with folks who share my passion for the outdoors," Elsberry, who has a passion for hunting and raising mule deer, said in a statement Monday. "It’s been rewarding to cultivate meaningful relationships with clients over the years as they pursue their version of financial freedom."

Elsberry was joined in 2021 by Eric Carlson, a former commercial banker with 13 years of experience. With the support of branch operations manager Jerrilyn D. Walstad along with support staff Amy Nygaard and Jamie Blodgett, the firm follows a holistic approach to financial planning, which Elsberry said "empowers clients to realize their unique financial goals through the implementation of tailored strategies."

He said the move to LPL will let clients benefit from "extensive resources and support," including its self-clearing platform, consolidated client statements and user-friendly online tools.

He also highlighted the potential for quicker turnaround times on account openings and similar tasks, as well as the benefits of designing, monitoring and rebalancing client portfolios on LPL's single platform that enables discretionary training.

"Ultimately, this move will allow us to provide our clients with the highest level of service,” he said.

LPL's addition in North Dakota comes shortly after it revealed a deal to acquire The Investment Center, a multibillion-dollar hybrid RIA in Bedminster, New Jersey.