Cetera loses $185 million firm to LPL, gains $180 million team from Ameriprise
Cetera Advisor Networks loses John Marshall & Associates Investment Center as it welcomes Malara advisory team.
Cetera announced its loss of an $185 million firm to LPL Financial the same day it gained a $180 million husband-wife team from Ameriprise.
Cetera Advisor Networks lost John Marshall & Associates Investment Center to LPL Financial’s broker-dealer and corporate registered investment adviser platforms after the founder of the firm decided to retire and sell the business. Meanwhile, Cetera Financial Institutions recruited Joseph and Pamela Malara from Ameriprise.
John Marshall, who founded John Marshall & Associates in 1974, is planning to retire and sell the firm to LPL financial adviser Heath Haynes. Mr. Haynes, an independent adviser and founder of Haynes Investment Management, who has been registered with LPL for eight years, will be joining veteran financial advisers Daniel Sickles and Sean Goldney in the lake Lake Havasu, Ariz.-based firm.
“After 51 years it’s time for me to retire,” Mr. Marshall said in a statement, stating that he chose LPL for its succession resources to support the transition. “I will see the group through the transition and I am confident that my successor, Heath Haynes, with his longevity and stability, will provide the firm with a partner for continued success.”
(More: LPL snatches $3.7 billion Exemplar Financial from Cetera)
Mr. Marshall was previously with LPL Financial for two years from 2009 to 2011, before switching to Cetera, according to his BrokerCheck profile. He has experience across 10 firms in the 51 years he’s been in the securities industry.
Similarly, Mr. Sickles was also with LPL Financial for two years until 2011, according to his BrokerCheck profile, before switching to Cetera. He has been in the securities industry since 1986 and was employed across four different firms. Mr. Goldney has nine years of experience in the securities industry across three firms, according to his BrokerCheck profile, starting his career in LPL in 2009.
Meanwhile, Joseph and Pamela Malara, the husband-and-wife Malara team acquired by CFI, manage $180 million in client assets. They work with two regional banks in Louisiana: the Bank of St. Francisville and Peoples Bank of Pointe Coupee Parish. The Bank of St. Francisville has about $135 million in total assets and the Peoples Bank has $285 million in total assets. The couple works with approximately 700 retail clients, providing financial planning, retirement, insurance and investment management services.
(More: LPL recruits $300 million Founders Federal Credit Union group from Cetera)
Mr. Malara has 13 years of experience across two firms, according to his BrokerCheck profile. He started his career at Investment Professionals in 2005. Ms. Malara has 22 years of experience across three firms, according to her BrokerCheck profile, and started her career in Sal Financial Services in 1996. The team joined from Investment Professionals as it was being acquired by Ameriprise.
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