LPL Financial picks up $360 million firm from First Allied Securities

LPL Financial announced that Sackman & Son Financial Services has joined its broker-dealer and corporate registered investment advisory platforms. Founded in the early 1990s, the Waukegan, Ill.-based firm manages about $360 million in client assets. The firm was previously affiliated with First Allied Securities Inc., according to the Financial Industry Regulatory Authority Inc.'s BrokerCheck. While the founder, Lee Sackman, has retired, his grandson, Daniel, is part of the third generation in the family to take part in the business. Rounding out the team are advisers Gary McBride and James Barnes as well as two support staff members. (More: LPL lets more advisers do fiduciary 401(k) business) "LPL's self-clearing capabilities were a huge factor in our decision to change firms," said Daniel Sackman. "We are excited to be able to take advantage of the time and cost savings from those capabilities and believe it will enable us to deliver better service and more value to our clients. We look forward to utilizing LPL's size and scale to help us grow our business."