LPL has deepened its presence further in the Lone Star State as it welcomed back three independently practicing advisors from Raymond James to its own network in Texas.
On Thursday, the firm announced financial advisors Jon Burnett, Dan Fowler and Chad Carlile have moved to its broker-dealer, registered investment advisor and custodial platforms from Raymond James Financial Services. The three reported serving about $430 million in advisory, brokerage and retirement plan assets.
Each advisor runs a separate firm. Burnett leads Burnett Financial Services in Amarillo. Fowler heads Fowler Investment Services in Pampa, and Carlile runs Carlile Investment Services in Lubbock. They have collaborated for more than 14 years, and their clients range from farmers, ranchers and oil and gas professionals to business owners and multigenerational families across the Texas Panhandle and West Texas.
Prior to RJFS, the three had been affiliated with LPL during the decade between 2012 and 2022, according to their BrokerCheck records with FINRA.
Burnett, who has close to 30 years in the business, counts some client families now in their fourth generation with his practice. Ryan Houk has supported the practice for about 15 years. For Burnett, the move is a return to a firm he worked with for years.
"Coming back to LPL feels like a full-circle moment for us," he said. "We were already familiar with the platform, technology and support model, and we're excited to once again align our business with a firm that shares our commitment to independent guidance and putting clients first."
Fowler has worked in financial services since 2012. "LPL gives us access to the tools, investment solutions and operational support we need to serve clients efficiently and effectively," he said.
Carlile has more than 20 years of experience in the industry; Cyan Batchelor, who's joining his move to LPL, has supported the practice for roughly two decades.
"There was a high level of trust because we knew the platform and the people behind it," Carlile said. "The transition team has been exceptional, and the entire process reinforced that we were making the right decision."
LPL announced its Texas hat trick just a few days after it officially welcomed two teams with a collective $1 billion in reported assets from Northwestern Mutual in Utah.
&Partners welcomed Rowland Sullivan Wealth Management, which joins with $744 million in prehire assets. The practice has offices in Lake Ozark, Missouri, and Macomb, Illinois.
It was founded by advisors Patrick Rowland and Jacob Sullivan. Prior to &Partners, Rowland and Sullivan were registered as brokers and investment advisors within Wells Fargo Advisors Financial Network, according to their BrokerCheck records.
The team also includes partners and wealth advisors Jesse Dale and Lauren Kane; Ashley Black, wealth consultant and director of operations; and wealth management associates Tyler Dinsdale, Barbara Davis and Kassie Wollbrink.
The team is the 127th advisor practice to join &Partners, which reported $63 billion in assets as of Sept. 1.
On the East Coast, Cetera welcomed John Sloop and John Black III, along with their Palmetto Investment Consultants team. The team moved from LPL and oversees about $305 million in assets under administration.
The Rock Hill, South Carolina, practice sits about 25 miles from Charlotte, North Carolina, and is joining Cetera's Summit Financial Networks community. Sloop spent 13 years affiliated with Cetera earlier in his career.
"This is a return for me more than a first step with Cetera," Sloop said, pointing to Summit's "advocate-driven feel [as a] smaller group we know can turn things around quickly."
About 95% of the Palmetto Investment Consultant team's business is advisory. It focuses on retirement income planning for long-tenured clients late in their careers, often built around a dividend income strategy. A large chunk of its clients are employees at one of the nation's largest energy companies, a regional telecommunications company, and a local paper mill.
In explaining their decision, the advisors pointed to Cetera's Growth360 business-planning program, its GrowthLine advisor growth engine offering, and Cetera's regional growth team model
Morgan Hinchen, who leads marketing for the practice, said the Summit structure lets the office grow without adding staff.
"We wanted a way to serve more clients without hiring people or losing our small-office feel," she said.
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