LPL Financial has brought in financial advisors Scott Gilliam and Travis Blessing, who have launched a new independent practice, Align Private Wealth, through affiliation with LPL’s broker-dealer and RIA platform.
The pair, who serve approximately $2 billion in advisory plan assets, join LPL from PNC Private Bank. Based in Greenwood, Ind., just outside of Indianapolis, Align Private Wealth serves high-net-worth and ultra-high-net-worth individuals.
LPL’s ability to support full independence was a key element in their decision to move to the wealth management giant.
“We both came from a wirehouse many years ago,” Gilliam told InvestmentNews. “We both worked at Merrill lynch, and for us, having an independent platform underneath us was incredibly important - we wanted to make sure that we were full fiduciary advisors on the corporate RIA side with LPL, so being a fiduciary, doing the right thing for the client always was most important to us.”
Gilliam and Blessing served as fiduciaries prior to the move to LPL. The former noted that the decision was also driven by two other key factors. “One was we wanted to work with clients that want to work with us, and we want to work with them,” he said. “And then secondly, we wanted to really build a book of business that was manageable and to limit the number of clients we take in and work with their families from the first generation all the way through grandchildren and hopefully their children - so that was important to us as well.”
LPL, he added, was “top of the list” after the team did a lot of research.
LPL has seen plenty of recruitment momentum, recently bringing in former Detroit Tigers prospect and Tennessee-based advisor Les Smith from Edward Jones.
Other recent recruits include Connecticut-based True Compass Advisors who joined the company’s broker-dealer and RIA platform after leaving Kestra, and Seattle-based Emerald Wealth Management, which was previously affiliated with Northwestern Mutual. LPL has also brought in Cebert Wealth Advisors, a $1 billion team from Ameriprise, and Davis Executive Wealth, which left Steward Partners.
Blessing told InvestmentNews that LPL’s suite of technology products was also appealing. “We're really excited with the optionality and partnerships that LPL has with all the technology firms, from planning software options to CRM,” he said. “The planning software was definitely a focus, and for us to have the ability to have that at our fingertips, to the level that we think is best for our clients, was important.”
“We welcome Scott, Travis and the Align Private Wealth team to the LPL community,” said Marc Cohen, chief growth officer at LPL, in a statement. “Their commitment to building deep, personalized relationships and delivering comprehensive, goals-based guidance reflects the kind of client-first approach we are proud to support.”
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