LPL is broadening its presence in the Lone Star State as it nabs another team of advisors from Ameriprise. The wealth giant announced that Strategic Insights Financial Planning Group has officially come under its broker-dealer, RIA, and custodial platforms.
The group reported overseeing around $500 million in assets across advisory, brokerage, and retirement plan platforms at Ameriprise.
The McAllen, Texas-based group, established in 1986 by Arthur Hughes, comprises five advisors, including managing partners James Credo and James Enriquez. Advisors Alexis Villarreal and Leonardo Chang round out the team.
“We work with a diverse mix of clients from small business owners to healthcare workers to retirees, all who enjoy a personalized and collaborative relationship with their financial advisor,” Credo, who’s been registered with Finra for 17 years, said in a statement Thursday.
He highlighted the team's commitment to providing an efficient, tailored roadmap for clients pursuing financial stability, wealth accumulation, or legacy planning.
The transition to LPL was driven by several factors, notably the promise of operational efficiencies, enhanced marketing capabilities, and the potential for enriched client interactions and growth.
Enriquez outlined the benefits of LPL's integrated platform, including streamlined access and the flexibility to utilize preferred planning software, which simplifies tax return integration.
“We’re no longer a one-man firm, and it’s our hope that we can be a 100-year-plus firm with a unique brand and culture," said Enriquez, who also highlighted the firm’s newfound ability to market its brand outside a franchise system and develop content easily.
Strategic Insights Planning Group is the third defection to LPL from Ameriprise in roughly a week, following a $300 million advisor trio that launched their own independent practice in Kentucky and a $210 million advisor who joined LPL in Florida.
Ameriprise scored a blow against LPL Wednesday as it announced Kinecta Federal Credit Union will transition its wealth management program from LPL, a move that will see $2 billion in assets and 20 advisors shift to the Ameriprise Financial Institutions Group.
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
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.
