After Warburg deal, Kestra grabs two practices from LPL
Kestra Financial is marshaling its new capital to pick up teams and executives from rivals.
Three months off its recapitalization, Kestra Financial tapped a seasoned recruiting executive while adding three practices to its primary independent broker-dealer and its breakaway hybrid RIA.
The Warburg Pincus-backed No. 13 IBD and Kestra Private Wealth Services recruited two advisors who strategically aligned while departing LPL Financial and a broker who went independent from a small employee BD. Warburg purchased a majority of Kestra in June.
Alabama and Georgia-based financial advisors Susan Moore of Moore Wealth Management and Chris Stallings of Abundance folded their four offices together under the same group as part of the move. They affiliated with Kestra in August after nearly three decades with LPL.
The teams “now have the ability to provide an enhanced level of service due to Kestra Financial’s personalized support in compliance, technology, and investment functions,” Moore said in a statement.
Moore and Stallings’ team spans 10 staff members and manages more than $180 million in client assets. They affiliated with Kestra on Aug. 6 after nearly 30 years with LPL across their two practices, according to FINRA BrokerCheck.
Representatives for LPL declined to comment on their departure.
Ex-Wells Fargo Advisors Financial Network Senior Vice President Joe Line also joined Kestra in August as its vice president of business development. Line had managed a nine-state region at FiNet, boosting its recruited production by 500% over five years after tenures at LPL and Merrill.
“Having spent my entire career in business development, I am confident my skillset and experience will contribute to Kestra Financial’s steep growth trajectory,” Line said in a statement.
FiNet declined to comment on his Aug. 19 move.
The breakaway hybrid RIA has also reached $3 billion in client assets managed by 48 advisors who are affiliated with the main BD, Kestra Investment Services, for brokerage business and Kestra Private Wealth as their RIA. Bill Krivicich of Mundi Financial aligned on Aug. 26, per BrokerCheck.
The Middletown, New York-based Mundi has around $200 million in client assets. He’s leaving a New York-based brokerage called Bruderman Brothers, where he had spent four years as CIO after a 16-year stint registered with Gary Goldberg & Co, according to BrokerCheck.
“When I decided to establish our own, independent practice, I did a lot of due diligence on potential partners,” Krivicich said in a statement. “What we found in Kestra PWS is a team of industry experts who, quite literally, have been in our shoes.”
Representatives for Suffern-based Bruderman didn’t return a phone call about Krivicich’s exit.
Kestra spans some 2,300 advisors across Kestra, Kestra Private Wealth and the fellow subsidiary IBD H. Beck. It has also launched an RIA M&A arm named Bluespring Wealth Partners, which has already completed the acquisition of two practices after launching this year.