LPL and Ameriprise, arguably the two most bitter rivals in the broker-dealer space today, have each announced significant additions as they separately welcome breakaways from RBC and Merrill Lynch.
In San Diego, the team behind EverMark Investment Partners launched a new independent practice through LPL Strategic Wealth, the firm’s affiliation model designed for advisors exiting wirehouses.
The team includes financial advisors Matthew Sweeney, John Folsom and Tanner Carter, who reported a combined $425 million in client assets coming from RBC.
Evermark is the second RBC team to decamp to LPL's Strategic Wealth channel this month, coming shortly after another breakaway trio at Arv Private Wealth also made the move in San Diego.
Sweeney and Folsom have worked together since 1996 and bring a total of 70 years of experience to the practice. Carter, who joined the industry in 2019, completes the group. Senior investment associates Nomah Cronk and Kristin Garnica round out the staff.
“We are fortunate to have longevity and loyalty with our clients – in fact, nearly half of our clients are multigenerational,” Sweeney said in a statement Tuesday. “When clients work with us, we offer them the experience of a long-tenured team, the discipline of active portfolio management and the perspective that comes from working with multiple generations over time.”
The practice selected LPL’s Strategic Wealth model for its combination of operational support and business ownership.
According to LPL, EverMark represents the 50th team to join that channel since it was launched in 2020.
Meanwhile, in Ocean City, Maryland, Allegiant Private Wealth moved to the Ameriprise independent channel from Merrill Lynch, bringing more than $300 million in assets. The practice is led by Christine Selzer, with support from her husband Brian Selzer and fellow advisor Brody Grove.
“After two decades of operating within a bank structure, it became clear that our long-term vision was better aligned with an independent model,” Christine Selzer said. “We were looking for a partner that offers independence, places financial planning front and center, and demonstrates a shared commitment to enhancing the client experience.”
The practice also includes administrative assistant Kendall Holmes and client relationship manager Melanie Konoski. The team is supported locally by Ameriprise leadership including Athena McGuire, franchise field vice president, and Thomas North, regional vice president.
Ameriprise claimed the move as another point of validation of its appeal, noting it has brought in approximately 1,700 experienced advisors over the past five years. Its advisor network now totals more than 10,000 professionals across the US.
Advisors who expect an edge from alternatives' illiquidity premium – without understanding the underlying terms and explaining them to clients – have a world of learning to do.
The social influencer Tyler Bossetti pleaded guilty to wire fraud and aiding in the filing of false tax documents as a result of the real estate scheme, which ran from 2019 to 2023 and used platforms including Facebook and YouTube.
The latest LIMRA data release shows continued growth in RILAs, variable annuities, and FRD products, though researchers argue more education is still needed.
Indivisible Partners builds on its strategy to take turf in the independent space with its latest move in Colorado.
The new legislative proposal, which includes more aggressive cuts to Medicaid and a lower SALT cap, threatens a goal of passing President Trump's tax-cut legislation by July 4.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave