LPL Financial has further expanded its reach in the West Coast by attracting an ensemble practice from Northwestern Mutual, while the latest defectors from Commonwealth and UBS make their way to Raymond James and RBC.
LPL announced that Prince Financial Services has moved its advisors onto the firm's broker-dealer, registered investment advisor and custodial platforms. At Northwestern Mutual, the Seattle-based practice reported roughly $1 billion in advisory, brokerage and retirement plan assets.
Founders Julie Prince and Dave Burnett run the practice as partners with Cade Mossman, Conner Gehring and David DeYoung. Its client base includes retirees, business owners, high-net-worth families and technology-sector workers, mostly in the Pacific Northwest. Every relationship starts with a comprehensive financial plan, which advisors revisit as a client’s circumstances change.
“We spent nearly a year researching potential partners and met with numerous firms before making our decision,” Mossman said. “LPL stood out because of its continued investment in technology and its commitment to helping advisors operate at their highest level.”
The Prince team represents just the latest case of Northwestern Mutual advisors moving over to LPL. Just last month, LPL picked up a pair of Salt Lake City-area practices from Northwestern Mutual reporting roughly $1 billion in combined client assets. Just days later, another billion dollar-plus team of defectors moved to LPL in New York.
Raymond James announced that its independent advisor channel, Raymond James Financial Services, has recruited GFS Advisory. The family-owned team managed more than $350 million at Commonwealth Financial Network.
The practice based in Braselton, Georgia, with a second office in Alpharetta, provides financial planning and investment advice to families, individuals and small business owners. Co-branch owners Nathaniel “Nate” Langley and Paige Rossi are siblings, and the third advisor, Stephen Groover, is their cousin. Rossi and Groover both joined the practice after careers in public accounting.
“Access to the firm’s banking and high-net-worth planning capabilities strengthens our ability to provide comprehensive, tax-aware financial planning,” Langley said.
Todd Gartrell, Southeast division director for RJFS, said: “Their family-oriented approach, planning experience and commitment to client service make an excellent addition to our presence in the Southeast.”
Raymond James has built a strong track record of recruiting advisors from Commonwealth Financial Network since LPL acquired the firm. The most recent example came last month, whenRJFS brought in a five-advisor Commonwealth team with approximately $500 million in client assets.
RBC Wealth Management has added the Mork Wealth Management Group to its Lake Oswego, Oregon, branch. The team oversaw $250 million in client assets at UBS.
Bob Mork and his son, Andrew Mork, lead the group, while Ryan Wilkinson is joining as an investment associate.
Bob Mork, whose 43-year BrokerCheck record also includes time at Citi and Lehman Brothers, focuses on investment management for individuals and multigenerational families. Andrew Mork helps clients and families with complicated financial affairs, including retirement planning.
“The Mork Wealth Management Group was drawn to RBC’s collaborative culture, access to leadership and decision-making locally, and the depth of resources available to support their clients,” said Kristen Kimmell, West divisional director.
Patrick Cummings, the Lake Oswego branch director, said: “We’re excited to have them as part of the supportive, advisor-centric culture we’re building in the Portland metro area.”
RBC has been a regular magnet for UBS defections over the past couple of years, snagging several large ensembles and superteams decamping from the Swiss bank.
After suffering accelerated advisor attrition last year, UBS has redoubled its efforts at attracting and retaining talent. In July, a source familiar with matters at the bank said it plans to pay its advisors very handsomely to support its efforts at jumpstarting a US banking business starting sometime next year.
"The advisors are going to have a bank run by [UBS] wealth for wealth, which means the advisors are going to be very central to that relationship,” the source told InvestmentNews. “They are going to get paid very handsomely for banking activity.”
Fuel-driven inflation drove the supersized adjustment, but advocates say retirees are still losing ground as trust fund insolvency nears.
State mandates and plan complexity are opening doors for financial advisors in the 401 market.
New LIMRA data reveal a stubborn advice gap that financial professionals are well-positioned to close.
“Today’s actions send a clear message that even the biggest financial institutions are not above the law,” said Treasury Secretary Scott Bessent.
To build a truly self-sustaining practice, enterprising advisors have to start with a vision of what they want to be – and accept the realities that come with building toward it.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
