LPL snags $4 billion hybrid from Lincoln Financial Advisors

Integrated Financial Partners has 135 financial advisers and 20 offices around the country. <b><i>(More: <a href=&quot;http://www.investmentnews.com/article/20161118/FREE/161119932/star-broker-ron-carson-is-leaving-lpl-to-jump-to-cetera&quot; target=&quot;_blank&quot;>Star broker Ron Carson is leaving LPL to jump to Cetera</a>)</b></i>
DEC 08, 2016
An independent, hybrid advisory firm with about $4 billion in client assets has moved to LPL Financial from Lincoln Financial Advisors. The Waltham, Mass.-based hybrid, Integrated Financial Partners, has 135 financial advisers, according to an announcement Tuesday from LPL. It primarily serves high-net-worth retirees and business owners. Established in 1996, the firm, which operates its registered investment adviser under the name Integrated Wealth Concepts, has 20 offices around the country. Prior to joining LPL, Integrated Financial Partners used Lincoln's corporate RIA. The change allows Integrated to operate its RIA more independently and provides more power to determine its fee structure, according to Paul Saganey, the founder and president. "With the DOL coming down the pike here, we felt having our own RIA and being able to control our own fee structure was the way to go in the future," Mr. Saganey said, in reference to a new Labor Department investment-advice regulation known as the fiduciary rule. Integrated derives the majority of its business through financial planners partnering with accounting firms. Growing this business on a national scale also factored into the decision to switch firms, Mr. Saganey said. Lincoln spokeswoman Kathy Vega said the firm doesn't comment on personnel issues. Prior to joining LPL, Mr. Saganey was registered with Lincoln Financial Advisors from December 2003 through September 2016, according to his BrokerCheck report. Integrated joins LPL at a time when one of its star brokers, Ron Carson, is leaving the nation's largest independent broker-dealer, bringing $2.6 billion in assets to a broker-dealer under the Cetera Financial Group. Mr. Carson's firm, Carson Wealth Management, has $7.4 billion in total client assets. It also comes as talks of a potential LPL sale swirl, with Charles Schwab Corp. emerging as a potential interested party.

Latest News

Advisor moves: RBC swipes $1.7B UBS team, Baird duo departs for LPL's Linsco channel
Advisor moves: RBC swipes $1.7B UBS team, Baird duo departs for LPL's Linsco channel

RBC Wealth Management's latest move in New York adds an elite eight-member team to its recently opened Westchester office.

Stifel star broker, Chuck Roberts, leaves firm under cloud of investor complaints
Stifel star broker, Chuck Roberts, leaves firm under cloud of investor complaints

Stifel – so far - is on the hook for more than $166 million in damages, legal fees and settlements in investor complaints involving Roberts, a 35-year industry veteran.

iCapital secures $820M in latest funding, hits $7.5B
iCapital secures $820M in latest funding, hits $7.5B

The giant alt investments platform's latest financing led by T. Rowe Price and SurgoCap Partners, along with State Street, UBS, and BNY, will fuel additional growth on multiple fronts.

Merrill Lynch on the hook for $3.7M after clients claimed sale of unsuitable private equity
Merrill Lynch on the hook for $3.7M after clients claimed sale of unsuitable private equity

Some investors recently have seen million dollar plus decisions by FINRA arbitration panels involving complex products decisions go their way.

What does it take to feel 'financially comfortable' or 'wealthy' in 2025?
What does it take to feel 'financially comfortable' or 'wealthy' in 2025?

New report shines a light on how Americans view wealth today.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.