LPL lands $300 million firm from Cetera

Brennan Asset Management Group, a hybrid with $300 million of client assets across brokerage, advisory and retirement plan accounts, is leaving Cetera Financial Group for LPL Financial. The firm was founded in 1986 by Bob Brennan, a former professional tennis player, in Redding, Calif., and has since grown to four advisers. Brennan Asset Management had been been affiliated with Cetera since 1988. In a statement, Mr. Brennan cited LPL's technology, retirement plan tools and depth of resources in specialized areas like high-net-worth investment management as reasons for switching brokerage affiliation. "We believe LPL provides the stability and partnership that will best serve our team and our clients today and for the long run," he said. LPL has maintained a strategy of growth by recruiting from its rivals throughout 2018. Earlier in October, LPL attracted $520 million AUM Premier Investments from Cambridge Investment Research and $275 million AUM JBA Wealth Management from Securities America. Brennan Asset Management is the second firm to leave Cetera for LPL in recent days. Exemplar Financial Network, a firm with $3.7 billion AUM, made the move Friday. "As our industry evolves, we are committed to leading change through innovation and by investing in the resources, tools and support that can enable advisors to take advantage of market opportunities," Rich Steinmeier, LPL managing director and divisional president of business development, said in the statement. Cetera did not respond to a request for comment.