LPL Financial has landed another independent RIA firm, bringing Scottsdale, Ariz.-based NetVEST Financial back into the fold.

NetVEST, which has approximately $200 million in client assets and specializes in establishing revocable and irrevocable trusts, had been affiliated with Ameriprise for the past year; the firm had been with LPL for almost 20 years before that, however.

The move marks the fourth practice that LPL, the nation’s largest independent broker-dealer, has brought on since October, following deals with VisionPoint, Northstar Wealth Partners and Householder Group.


Industry recruiting has been unusually active considering the stock market’s stellar performance this year, says LPL’s Bill Morrissey, executive vice president of business development. He says he expects the trend to continue in 2014, due to industry consolidation, a wave of retiring baby boomers and advisors' desire for scale.

“I think firms who have been doing a lot of discovery and due diligence, like NetVEST, are deciding that if they find a better model they want to get there as quickly as possible,” Morrissey says. “Finding the right partner is critically important for these firms and as they see the industry landscape changing, there’s a flight to quality.”


A key consideration for NetVEST, says president and chief executive John Cartolano, was LPL's “independent structure and an open architecture platform that is free of proprietary products.”

NetVEST targets mass affluent and high-net-worth clients. In addition to its trust work, it also provides investment management, retirement planning, estate planning strategies and tax, insurance and education plans.

The firm has also created the “Trusts and Beyond” coaching series, with seminars conducted four to six times a month, to educate retail investors about trust and estate planning management.

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