LPL Financial has expanded its network in the Northeast – and has once again cut into Ameriprise’s talent pool – by bringing onboard a seasoned financial advisor in North Carolina. The firm said Philip Nation, who now operates under LPL Financial’s broker-dealer and RIA custodial platforms, has aligned with Founders Financial Alliance. He reported managing approximately $170 million in assets at his former firm.
Having begun his career in 1987, Nation’s expertise spans from insurance to education planning and debt management, though he has pivoted his focus towards retirement planning in recent years.
“I enjoy helping my clients preserve and manage their wealth and better position their income so they can live comfortably in their retirement,” he said in a statement, emphasizing his commitment to his clientele.
Despite having nearly four decades of industry experience, Nation has no immediate plans to retire. “People retire to find more time to do the things they love, but I love and enjoy what I do,” he said.
In addition to the freedom to “[not] push company-branded products,” he said his decision to join LPL was influenced by the desire to provide a better service framework for his clients and to integrate into a larger, supportive team.
“With this move, I have built-in, localized support from a great service organization in Founders, freeing up my time for specific value-added activities that benefit my clients,” Nation said.
“It is an honor and a privilege to have an advisor with 38 years of experience and vast qualifications affiliate with our hard-working team,” said Tom Porter, founder and executive chairman of Founders Financial Alliance.
Nation’s move is reflective of the succession crisis in the wealth industry, which is making exit planning and practice continuity top of mind issues for many veteran advisors.
“It’s important for financial advisors to create thoughtful business continuity plans, and we applaud the steps Phil is taking to ensure uninterrupted care for his clients,” emphasized Scott Posner, executive vice president of business development at LPL.
The news of Nation’s recruitment is just the latest in a string of Ameriprise advisors departing for LPL in recent weeks, which includes a $500 million advisor team in Texas and a $300 million group in Kentucky.
Elsewhere, LPL recruits a $160M Edward Jones advisor in Alabama as William Blair opens a Dallas office with an ex-UBS wealth team
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