LPL Financial said Monday that it has recruited a team of 14 financial advisors called the Financial Design Group with $850 million in client assets that was formerly registered with Securian Financial Services Inc.
Toledo, Ohio-based Financial Design Group's move to LPL Financial comes after Cetera Financial Group said in January it was buying the wealth business of insurer Securian Financial Group, which includes more than 1,000 advisors who oversee $24.8 billion in assets under management and $47.4 billion in assets under administration. The broker-dealer market always looks for moves from individual financial advisors and teams after a significant transaction, and over the winter, some recruiters cited LPL as one firm likely to target the Securian advisors.
A spokesperson for Cetera, a network of independent broker-dealers that works with 8,000 financial advisors, did not return a call to comment Tuesday morning.
Financial Design Group, which was founded in 1995 and is led by partners Mike Clements and Jason Strasser, will use LPL Financial’s broker-dealer, corporate registered investment advisor and custodial platforms, LPL said in a statement.
According to BrokerCheck, Clements had been registered with Securian Financial Services Inc. since 2004 before moving to LPL in the middle of last month; Strasser had been registered at the Securian broker-dealer since 2011.
Financial Design Group's assets are a combination of advisory, brokerage and retirement plan assets, LPL said.
Focus gets back to external M&A after its January rebrand, while Cerity enters the Arizona market with a veteran planning-focused team.
Complaint details near decade-long scheme raising almost $40 million from dozens of clients, including Venezuelan nationals, Catholic dioceses, and elderly individuals.
A veteran with more than two decades of experience, Andina Andreson represents the latest in a string of recent leadership changes at the firm.
The latest additions to RBC's long history of attracting billion-dollar UBS teams have bolstered its presence in Boise, Idaho.
The controversial hedge fund manager fails to stop the SEC from moving forward with a potential industry ban, after a federal judge rejects constitutional claims.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
