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

RIA moves: True North adds $353M California RIA as SageView grows North Carolina presence
RIA moves: True North adds $353M California RIA as SageView grows North Carolina presence

Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.

Top Commonwealth advisor to recruiters: Stop with the cold calls already!
Top Commonwealth advisor to recruiters: Stop with the cold calls already!

“I respectfully request that all recruiters for other BDs discontinue their efforts to contact me," writes Thomas Bartholomew.

Blue Owl Capital, Voya strike private market partnership for retirement plans
Blue Owl Capital, Voya strike private market partnership for retirement plans

The collaboration will focus initially on strategies within collective investment trusts in DC plans, with plans to expand to other retirement-focused private investment solutions.

Why AI notetakers alone can't fix 'broken' advisor meetings
Why AI notetakers alone can't fix 'broken' advisor meetings

Wealth tech veteran Aaron Klein speaks out against the "misery" of client meetings, why advisors' communication skills don't always help, and AI's potential to make bad meetings "100 times better."

Morgan Stanley, Goldman, Wells Fargo to settle Archegos trades lawsuit
Morgan Stanley, Goldman, Wells Fargo to settle Archegos trades lawsuit

The proposed $120 million settlement would close the book on a legal challenge alleging the Wall Street banks failed to disclose crucial conflicts of interest to investors.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

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.