LPL nabs $300 million firm from Cetera Financial

LPL Financial has recruited a $300 million advisory firm from Cetera Financial Group. Multop Financial, based in Bellingham, Wash., was founded in 1976 by Air Force veteran Phillip Multop. Today, the firm includes three financial advisers, three certified public accountants, and a six-member support staff. In a prepared statement, Mr. Multop said the decision to switch broker-dealers was driven by LPL's technology and back-office support, among other things. "In today's environment, partnering with a steadfast and proven leader such as LPL enables us to support our clients over the long term," he said in a statement. "In addition, our firm's philosophy directly echoes that of LPL. We are 100% committed to our clients' growth, passionate about their success and are exceedingly proud to be their partner."