LPL Financial has scooped up two advisors from the banking channel that oversee more than $1 billion in assets under management.

The nation's largest independent broker-dealer announced early Thursday morning that Grand Rapids, Mich.-based StreamSong Advisors, a newly-formed independent hybrid firm formed by two former advisors from Fifth Third Private Bank, is joining LPL's broker-dealer and custodial platforms. StreamSong was co-founded by Thomas Braun and Bob Boesiger, who both recently held senior wealth management roles at Fifth Third Private Bank. Braun and Boesiger manage more than $1.2 billion in assets, of Dec. 31, 2013, according to LPL officials.

Braun, owner and president of StreamSong, says the decision to join LPL's network was driven by its technology and investment research offerings along with high-net-worth capabilities developed through the IBD giant's Fortigent division. StreamSong, which also has an office in metropolitan Detroit, targets clients with more than $500,000 in investable assets and has plans to also work with ultra-high-net worth households who are seeking multi-family support.

"We researched a variety of firms and business models before choosing to become an independent hybrid financial advisory firm and to branch office with LPL," Bruan said in a statement. "From every perspective, LPL was the clear choice."

Braun spent the last four years as a wealth management advisor at Fifth Third and previously held executive positions at Fabric Services and Ford Motor Company, according to his LinkedIn profile. Boesiger spent the last year and a half as a senior wealth planner at Fifth Third after holding the same position at PNC Wealth Management from 2011 to 2013.

"The StreamSong professionals have a distinguished track record advising wealthy families and individuals, especially business owners that have engaged in selling their businesses and other clients that have undertaken significant wealth transfers," Steve Pirigyi, LPL's executive vice president of business development said in a statement. "We are delighted that StreamSong has recognized LPL’s extensive capabilities to support independent financial advisors who serve their targeted clientele and we are glad to assist them in launching their new practice.”

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