LPL entices $300M next-gen duo to employee advisor channel

LPL entices $300M next-gen duo to employee advisor channel
Kultar S. “Sid” Bindra and Steven Alvarez of the Bindra Group.
The pair formerly with Truist Financial, including one best-in-state awardee, are expanding LPL's footprint in Florida as they seek more flexibility and control for their practice.
SEP 16, 2024

LPL has augmented its advisory network in Florida as two award-winning next-gen advisors switch allegiances in the Southeast.

The firm announced Monday that financial advisors Kultar S. “Sid” Bindra and Steven Alvarez have joined its employee advisor channel, Linsco by LPL Financial, to establish The Bindra Group.

Based in Tampa, Florida, the team previously with Truist Financial reported managing approximately $300 million in advisory, brokerage, and retirement plan assets.

Recognized as a best-in-state advisor by Forbers in 2023, Bindra got his start in the wealth management industry during his college years while working 56 hours a week selling phones.

“I learned all about banking and finance at age 18 and graduated college with an 800 credit score, two degrees and zero debt. That $7 an hour job in college changed my perspective on a $7 million client account,” he said in a statement recalling his humble roots.

After completing his studies, Bindra began building his financial practice through traditional methods like cold calling and networking. Steven Alvarez joined him as a junior partner in 2022. Together, they focus on serving high-net-worth and ultra-high-net-worth business owners, as well as government contractors, with a goal of providing financial plans for every client regardless of account size.

2024 has been a year of significant change thus far at Truist Financial. In February, the firm agreed to sell Sterling Capital Management, its Charlotte, North Carolina-based subsidiary, to Canadian global asset manager Guardian Capital Group in a deal worth $70 million. Later that month, Truist reached an agreement to sell its remaining stake in Truist Insurance to a private equity consortium led by Stone Point Capital and Clayton, Dubilier & Rice, which also snapped up Focus Financial Partners last year

Against the backdrop of that reorganization, Bindra and Alvarez decided to transition to LPL Financial for greater control over their operations.

The aspect of business ownership within an independent organization was pivotal for me,” Bindra said.

Latest News

Judge OKs more than $90 million in settlement money for GWG investors
Judge OKs more than $90 million in settlement money for GWG investors

Mayer Brown, GWG's law firm, agreed to pay $30 million to resolve conflict of interest claims.

Fintech bytes: Orion and eMoney add new planning, investment tools for RIAs
Fintech bytes: Orion and eMoney add new planning, investment tools for RIAs

Orion adds new model portfolios and SMAs under expanded JPMorgan tie-up, while eMoney boosts its planning software capabilities.

Retirement uncertainty cuts across generations: Transamerica
Retirement uncertainty cuts across generations: Transamerica

National survey of workers exposes widespread retirement planning challenges for Gen Z, Millennials, Gen X, and Boomers.

Does a merger or acquisition make sense for your firm? Why now is the perfect time to secure your firm’s future
Does a merger or acquisition make sense for your firm? Why now is the perfect time to secure your firm’s future

While the choice for advisors to "die at their desks" might been wise once upon a time, higher acquisition multiples and innovations in deal structures have created more immediate M&A opportunities.

Raymond James continues recruitment run with UBS, Morgan Stanley teams
Raymond James continues recruitment run with UBS, Morgan Stanley teams

A father-son pair has joined the firm's independent arm in Utah, while a quartet of planning advisors strengthen its employee channel in Louisiana.

SPONSORED RILAs bring stability, growth during volatile markets

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.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave