Tim Murphy, the one-time CEO of a closed Cetera Financial Group broker-dealer, is now registered with an LPL Financial affiliate, Integrated Financial Partners.
Formerly the head of the now shuttered Investors Capital Corp., Mr. Murphy registered with LPL in December,
according to his BrokerCheck report.
Investors Capital Corp., which started winding down in the fall, was acquired by Cetera Financial Group's predecessor, RCS Capital Corp., in 2014. It was one of the almost dozen broker-dealers bought by the former nontraded real estate investment trust czar Nicholas Schorsch from 2013 to 2015 in his failed attempt to become a major player in the retail brokerage business.
RCS Capital eventually collapsed under hundreds of millions of bad debt used to fuel Mr. Schorsch's acquisition binge and slid into bankruptcy at the start of last year, emerging as the reconstituted Cetera Financial Group in May. Mr. Schorsch is no longer involved with the company.
After its bankruptcy, Cetera Financial Group said that select advisers from Investors Capital — those with clean compliance histories and strong books of business &- would be offered to move their registration to Cetera Advisors. It is not clear how many former Investors Capital brokers were rejected from the group but industry executives believe it was a significant amount. In 2015, Investors Capital was home to 458 advisers who produced close to $99 million in revenue.
It is not clear what Mr. Murphy's role will be at Integrated Financial Partners. He did return calls to comment.
LPL Financial last year
scored a recruiting coup when it landed Integrated Financial Partners, a $4 billion hybrid that had formerly been affiliated with Lincoln Financial Advisors.
Based in Waltham, Mass., it has 135 financial advisers and primarily serves high-net-worth retirees and business owners.
Established in 1996, the firm, which operates its registered investment adviser under the name Integrated Wealth Concepts, has 20 offices around the country.
(More: LPL Financial's new CEO Dan Arnold to receive big pay hike in 2017)
