Advisers managing $185 million at Waddell & Reed go indie with LPL

Advisers managing $185 million at Waddell & Reed go indie with LPL
Three principals form Teton Wealth Management in Idaho Falls, Idaho
JUN 05, 2019
Three advisers who managed $185 million at Waddell & Reed Financial Advisors in Idaho Falls, Ida., have left and formed Teton Wealth Management, affiliating with the broker-dealer and registered investment adviser platforms of LPL Financial. (More:​ See more adviser moves in InvestmentNews' Adviser on the Move database.) The three advisers — Jake Murray, Mike Canavan and Jill Phillips of Teton Wealth Management — were joined by three administrative assistants. Mr. Murray spent seven years with Waddell & Reed after starting his career at LPL in 2005. Mr. Canavan was at Waddell & Reed for five years, and Ms. Phillips was there for nine years.

Latest News

SEC to lose Hester Peirce, deepening a commissioner crisis
SEC to lose Hester Peirce, deepening a commissioner crisis

The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.

Florida B-D, RIA owner pitches bold long-term plan to sell to advisors
Florida B-D, RIA owner pitches bold long-term plan to sell to advisors

IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.

Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships
Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships

Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.

Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions
Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions

A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.

Why the evolution of ETFs is changing the due diligence equation
Why the evolution of ETFs is changing the due diligence equation

As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management