An independent registered investment adviser and broker-dealer managing $395 million of client assets has joined LPL Financial, due in part to the prospect of increased regulation.
Puplava Financial Services Inc., operated by founder James “Jim” Puplava, and his team of six financial advisers manage $395 million of brokerage and advisory assets, according to figures provided by Puplava Financial as of July 31 this year in the statement. The team will continue to serve their clients out of their San Diego office.
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Mr. Puplava said in the statement that he decided to join LPL Financial because of growing challenges, especially from regulatory changes. These challenges affected his outlook to continue as an independent RIA.
“The profit margins aren't what they used to be. At the end of the day, I want to be taking care of clients and not focused on the regulatory functions,” he said.
Puplava Financial Services adds to
a burgeoning wave of small RIAs in joining larger broker-dealers due to growing compliance obligations spurred from new regulations such as the Department of Labor fiduciary rule.
Last week,
independent advisers joined Stifel Financial Corp., and launched The Anderson Financial Group. In August,
WealthSource Partners, formerly an independent RIA, joined Raymond James Investment Advisors.
“With the changing regulatory landscape, the industry is seeing more broker-dealer consolidation,” said Craig Kamis, LPL senior vice president of large enterprise and institutional recruiting, in the statement.
Mr. Puplava has been acquainted with LPL since 1985, when he launched his first independent financial services firm on the LPL broker-dealer platform, according to the statement. He later formed Puplava Financial Services as an independent RIA in 1996 before his current move back to LPL.
Prior to launching his first RIA with LPL, Mr. Puplava worked for Great American Securities for close to two years, according to his
BrokerCheck profile. He began his securities industry career with HTH Investments in 1982 where he stayed for four months. He has two disputes listed on his profile, both have been settled.
