LPL is bolstering its West Coast presence further as it welcomes a high-net-worth advisory team from Osaic.
LPL Financial announced Wednesday that it has added Salient Wealth Planning Group, a Manhattan Beach, California-based advisory team, to its broker-dealer, RIA, and custodial platforms. The group reportedly managed approximately $1 billion in advisory, brokerage, and retirement plan assets at Osaic.
Founded by John Schlatter, a 36-year veteran of the industry, Salient Wealth Planning Group provides financial planning, investment management, and wealth preservation strategies with an emphasis on tax efficiency and multigenerational wealth transfer. The team serves high-net-worth clients, employing an interdisciplinary approach to financial planning.
“We take a holistic process to build on the foundations that clients have already laid, and we believe good planning helps the right choices reveal themselves,” Schlatter said Wednesday. “Our services are rooted in developing deep personal relationships to help families navigate the challenges and opportunities of managing generational wealth.”
The desire to future-proof his practice was a major motivator for Schlatter, who cited LPL’s investments in technology and service capabilities as factors behind the move.
“The foundation of our business is built on value-added consulting and meticulous planning,” he said. “To perpetuate this legacy, we require a stable partner to meet this standard through superior customer service and technology.”
He also cited LPL's status as a Fortune 500 company, giving his business and clients a more stable foundation for the future.
“Most of our clients have been with us for more than 20 years, and we are excited to continue enhancing their experiences over the next 20 years,” he said.
Salient Wealth Planning's move to LPL comes on the heels of another billion dollar-plus team joining the broker-dealer's broad umbrella, with a father-son team from UBS joining its broker-dealer network on Monday.
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