Broker-dealer LPL Financial is expanding its presence in the South by adding a Texas-based advisory team to its platform. The firm announced Monday that it has welcomed RFS Financial Services, a Lubbock, Texas-based practice to its platform.
RFS Financial Services, previously affiliated with Lincoln Financial Advisors, is making the move to the LPL umbrella. In doing so, the practice is also bringing over its advisory, brokerage, and retirement plan assets amounting to around $140 million.
Years after its founding as a life insurance firm, RFS Financial Services was reinvented as a comprehensive wealth management entity under the guidance of David Miller, its president and managing director.
Miller is an industry veteran who brings over thirty years of experience in financial advising. He had operated as an office of supervisory jurisdiction prior to overhauling his business to focus more on client care.
David Miller and Mike Ivey of RFS Financial Services
“We take a team approach to provide clients with a financial road map in their journey toward their life goals,” he said in a statement.
Miller is making the leap to LPL along with his business partner Mike Ivey – a holistic planning advisor with an emphasis on financial education – who has nearly two decades of industry experience under his belt.
“LPL is an industry leader and Fortune 500 company that has made significant investments in technology and other innovative solutions that will make our jobs easier and help us serve clients more effectively,” Miller said.
“LPL strives to be a committed partner to our financial advisors, offering a wide range of differentiated services and innovative technology experiences so they can run their practice as they see fit,” Scott Posner, executive vice president at LPL, said.
The news of RFS Financial Services joining LPL’s advisor network comes right on the heels of Osaic announcing the newest practice within its network, South Carolina-based Sturkie Wealth Management Group, which is headed by two LPL advisors with $240 million in assets.
Recently, LPL snapped up a billion-dollar book of business from Merrill Lynch as two of the banking giant’s former high-net-worth advisors chose LPL to launch their own independent practice.
A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.
Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.
Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.
From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.
Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.
Wellington explores how multi strategy hedge funds may enhance diversification
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
