Hybrid group managing $1.3 billion leaves LPL

Cornerstone Wealth affiliates with Mutual Securities; custodies at Fidelity.
JAN 18, 2018

Cornerstone Wealth, which managed $1.3 billion as a hybrid affiliated with LPL Financial, has switched its broker-dealer affiliation to Mutual Securities and its custodian to Fidelity. It also has joined Focus Financial for support with its RIA. The firm, based in Huntersville, N.C., has 15 financial advisers and staff at eight offices in North Carolina, South Carolina and San Francisco. It traces its roots to 2001, when co-founders Brian Needleman, Andy Smith and Jeff Carbone established a practice at Raymond James. In 2003, Craig Rubrecht joined the group, which broke away to form Cornerstone Financial Partners, affiliating with Securities America. Cornerstone affiliated with LPL Financial in 2011.

Latest News

Robinhood just made a bold move into AI-powered trading for the retail market
Robinhood just made a bold move into AI-powered trading for the retail market

Traders will be able to connect their own third-party AI agents to the brokerage platform.

Jamie Dimon signals up to $20 billion acquisition for JPMorgan
Jamie Dimon signals up to $20 billion acquisition for JPMorgan

The bank's outspoken CEO says it's scanning for deal targets even as geopolitical risks and elevated asset prices cloud the outlook.

Fintech bytes: Envestnet's Bill Crager wants to fix tech's disconnection dilemma
Fintech bytes: Envestnet's Bill Crager wants to fix tech's disconnection dilemma

Virtual family office platform Strad and Ai-native CRM slant are also supporting centralization for advisors with newly inked partnerships.

Advisor moves: Cetera's Commonwealth pitch draws public sector-focused veteran
Advisor moves: Cetera's Commonwealth pitch draws public sector-focused veteran

Meanwhile, Raymond James' employee arm welcomes a $550 million advisor from JP Morgan, and LPL attracts another advisor trio from D.A. Davidson.

Crypto has arrived in the brokerage account but what does it mean for advisors?
Crypto has arrived in the brokerage account but what does it mean for advisors?

Prometheum's Aaron Kaplan on why clearing ETH inside a US brokerage account changes the conversation and what still needs to happen before adoption scales.

SPONSORED When Growth Outruns the System

According to Flyer Financial Technologies, rising portfolio complexity is exposing the limits of legacy infrastructure and widening the gap between automation and reality

SPONSORED Why strategy matters more than performance

In volatile markets, the advisors who win aren't the ones with the best calls - they're the ones whose clients stay the course.