LPL has made its third recruiting grab in as many weeks.
A team of seven, formerly with Fort Wayne, Ind.-based broker-dealer Lincoln Financial Advisors, will join a firm on LPL's hybrid RIA platform.
Led by industry veteran Brian Hinson, the team will join Birmingham, Ala.-based planning firm Bridgeworth. According to its most recent ADV, Bridgeworth has nearly $600M in client assets. The joining group says it managed approximately $250 million in client assets while at Lincoln.
As part of the move Hinson will become the managing partner of a new Bridgeworth office in Huntsville, Ala. With the addition of Hinsons team, which includes advisors Bob Johnson and Jonathan Hornsby and four support professionals, Bridgeworth will have 23 financial advisors, according to LPL.
In making the decision to move, Hinson says there were three key aspects that attracted the team to Bridgeworth: the firm's commitment to clients, its expertise in the field and its collaborative nature.
Having its own RIA was also an important factor in the team's decision. What is more important is to have our own RIA and also the highest level of fiduciary responsibility to our clients," says Hinson. The hybrid model will give his team the opportunity to provide what is best for his clients and also attract other financial advisors and planners, Hinson adds.
Hinson, who had previously worked with Bridgeworth founding partners, says he has seen the company grow over the past three years.
"Since joining LPL's hybrid platform three years ago, Bridgeworth has grown, and we are thrilled to see them expand their footprint further with a Huntsville team," Steve Pirigyi, LPL's executive vice president of business development said in a statement.
Both teams work with high-net-worth clients and focus primarily on retirees and retirement planning.
According to an LPL spokesman, other recent recruiting wins for country's biggest independent broker-dealer include the addition of Standard Investment Advisors and Faubourg Private Wealth Advisors in May.
Rajashree Chakravarty is an intern for SourceMedia's Investment Advisor Group.
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