As 2021 nears its close, LPL Financial has reeled in a big fish, Dan Cairo and Elite Financial Network, from rival Securities America Inc.
Based in Huntington Beach, California, Elite Financial Network has 32 financial advisers in its network across the Golden State, according to the firm's website. Cairo is the CEO.
The firms involved would not comment on the amount of client assets those advisers work with, but according to an industry source with knowledge of the move who asked not to be named, Elite Financial Network has at least $1 billion in client assets.
That would be in line with expected growth over the past four years when Securities America recruited Cairo and Elite Financial Network. At the time, the broker-dealer said the group had $744 million in advisory and brokerage assets.
Cairo's registration with LPL Financial became active Dec. 15, according to a BrokerCheck report.
He was registered with Securities America starting in October 2017 and prior to that with National Planning Corp. Cairo did not return a call Tuesday to comment.
A spokesperson for LPL also did not comment.
A spokesperson for Advisor Group, a network of broker-dealers that includes Securities America, in an email noted that the network does not comment on firms that are no longer affiliated with it.
It's been a circuitous route for Cairo and his firm.
LPL in 2017 bought the brokerage assets of National Planning Corp. and other brokerage firms working as part of the National Planning Holdings Inc. network. While LPL held onto the majority of assets and advisers in that deal, some big National Planning Holdings offices did jump to rivals rather than work at LPL.
LPL has posted another strong recruiting year, gaining a net 813 financial advisers through the end of September, according to InvestmentNews data.
Advisor Group, a network of six broker-dealers, including Securities America, is going through some changes.
Last year, it consolidated three small broker-dealers into Securities America.
And notably, last month Kevin Myeroff of another Advisor Group firm, Royal Alliance Associates Inc. whose firm, NCA Financial Planners, has about $1.7 billion in client assets, said he was leaving Royal Alliance when he sold his firm to Sequoia Financial Group.
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