Bank Reunion: LPL Snags 3 More Capital One Advisors

Three former Capital One advisors have left the bank to join their former colleagues at a independent LPL Financial-affiliated firm founded last year.

Brokers Jarrod Lege, Shelley Moncrief and Rick Schenck, formerly of Capital One, are joining the New Orleans-area firm -- Standard Investment Advisors, which has $140 million in assets under management -- founded last year by advisors Merritt Talbot and Margie Benjamin. Lege and Montcrief together managed $194 million of assets at the bank while Schenck serviced $130 million, LPL said in a statement.

LPL's extensive resources helped Benjamin lure three of her former colleagues, she says. "When you are coming out of the bank channel, you are a little bit nervous that you are going to be alone," she says. "The resources [at LPL] are much more than we had anticipated."

When advisors leave banks, their former colleagues often start checking in about a year later to see how it's going, says Steve Pirigyi, LPL's executive vice president of business development: "The brokers are checking in to see, are they getting enough resources? Are they getting what they expected?"

Benjamin and Talbot say they are now well-positioned to recruit more of their former Capital One colleagues to offices in Abbeville, Lafayette and Mandeville, La. The firm is focused on attracting advisors and advisory firms that serve $75 million to $150 million of assets.

LPL's "platform is impressive, their technology is wonderful and we have a completely paperless office, which is tremendous," Benjamin says. "We all had contemplated over the years of our career of going independent and they made us comfortable making the move."

Read more:

 

For reprint and licensing requests for this article, click here.
Independent BDs Career moves Financial planning
MORE FROM FINANCIAL PLANNING