Securities America snags $650 million hybrid from LPL

A $650 million hybrid has left LPL Financial to join Securities America, a subsidiary of Ladenburg Thalmann Financial Services Inc. Patriot Financial Group, which is also a super office of supervisory jurisdiction, is led by David O'Donnell, its founder and chairman, and Michael Tashjian, chief executive officer. It has 33 advisers operating in Massachusetts, Rhode Island and Connecticut. "We're a strictly independent and adviser-centric model," Mr. O'Donnell said. "Our platform is based on team-building and supports our advisers; each adviser is independent. But they have the support of a larger group of specialists to call on to strengthen their practices." (More: Ladenburg bets advisers will serve more self-employed clients in the future) Securities America has more than 2,500 independent advisers and managed $86 billion in client assets in 2017, according to its press release.