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.
Following its public breakup with $12.5 billion Merit Financial in August, LPL's growth streak in September has been robust, including its addition of a $650 million private wealth team from Ameriprise and a definitive agreement to acquire a $9 billion hybrid RIA in New Jersey.
ASA reacts as regulator drops no-deny policy, freeing firms and individuals to publicly dispute allegations after reaching settlements.
Joel Frank allegedly sold more than $39 million worth of investments in the Equilus Funds to more than 90 investors,
The Charity Parity Act would eliminate a costly IRA rollover requirement that blocks direct charitable transfers from workplace retirement plans.
A last-minute court filing ends a case against the federal tax-collecting agency that had drawn unprecedented conflict-of-interest questions from Democratic critics.
Advisors discuss their use of AI now and how it will change going forward
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
