LPL Financial said Monday that it has recruited a team of 14 financial advisors called the Financial Design Group with $850 million in client assets that was formerly registered with Securian Financial Services Inc.
Toledo, Ohio-based Financial Design Group's move to LPL Financial comes after Cetera Financial Group said in January it was buying the wealth business of insurer Securian Financial Group, which includes more than 1,000 advisors who oversee $24.8 billion in assets under management and $47.4 billion in assets under administration. The broker-dealer market always looks for moves from individual financial advisors and teams after a significant transaction, and over the winter, some recruiters cited LPL as one firm likely to target the Securian advisors.
A spokesperson for Cetera, a network of independent broker-dealers that works with 8,000 financial advisors, did not return a call to comment Tuesday morning.
Financial Design Group, which was founded in 1995 and is led by partners Mike Clements and Jason Strasser, will use LPL Financial’s broker-dealer, corporate registered investment advisor and custodial platforms, LPL said in a statement.
According to BrokerCheck, Clements had been registered with Securian Financial Services Inc. since 2004 before moving to LPL in the middle of last month; Strasser had been registered at the Securian broker-dealer since 2011.
Financial Design Group's assets are a combination of advisory, brokerage and retirement plan assets, LPL said.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
