LPL loses $325M firm to Commonwealth, picks up $400M firm from Cadaret Grant

The loss of Daley Financial Partners will be filled by the addition of Wellesley Financial Planners.

LPL Financial is losing a hybrid advisory firm with $325 million in assets under management to Commonwealth Financial Network, but will make up for it by luring away a $400 million firm from Cadaret Grant.

Commonwealth announced Tuesday that Daley Financial Partners, a two-adviser team from Oak Brook, Ill., will join its network of registered investment adviser/independent broker-dealer hybrids.

Daley Financial Partners specializes in investment and retirement planning for business owners, educators and women. It had been affiliated with LPL since launching in 2002, according to BrokerCheck.

One of the firm’s advisers, Ursula Daley, said Commonwealth shares her firm’s objective of empowering investors with knowledge and confidence.

“Commonwealth’s stellar reputation speaks for itself, but its service model — placing emphasis on the whole client — appealed to our team the most,” Ms. Daley said in a statement. “For us, this move was the only move and we are eager to share with our clients the new capabilities this partnership will provide.”

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InvestmentNews could not reach Commonwealth by press time.

The loss of Daley Financial’s assets will be offset by the addition of Wellesley Financial Planners, a nine-adviser team lead by Greg Spicer.

Mr. Spicer credited the move from Cadaret Grant to feeling uncertain about the consolidation and acquisitions happening in the financial advice industry.

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“We decided LPL was the best fit for our business, in part for its size and scale,” he said in a statement. “They are committed to leveraging their scale to invest in technology and resources, which was a huge draw for us. We’re already seeing more efficiency and less paperwork.”

Mr. Spicer was also attracted by LPL’s home office supervision, which he said relieves back-office work to allow for more time in front of clients.

This is the second firm to move from Cadaret Grant to LPL in the fourth quarter. Beltz Ianni & Associates, a firm with $500 million AUM, made the move in October.

Caderet Grant did not respond to a request for comment. LPL declined to comment on either the addition of Wellesley Financial Planners or the loss of Daley Financial Partners.