Lincoln team with $200M bolts to LPL with eye toward service and tech
A four-advisor team with about $200 million in client assets joined LPL Financial because its technology and services are better than the practice’s broker-dealer of more than three decades, its CEO says.
Founder Raymond Moore, his son Christopher and advisors Joseph Tuck and Ashwin Sharma of Moore Financial Services left Lincoln Financial Securities, a Lincoln Financial Group subsidiary, for LPL, the No. 1 IBD announced on Sept. 13. The Richmond, Virginia-based practice spent nearly 34 years at Lincoln.
LPL’s head count has expanded beyond that of all wirehouse firms on the strength of its acquisition of the assets of National Planning Holdings last year, though the additional 1,841 advisors retained out of NPH’s 3,200 fell below expectations. Another four-advisor team from Lincoln also joined LPL in June.
Service problems served as the “primary driver” of the team’s move to LPL’s brokerage and corporate RIA platforms, but the team had been considering a switch for about three years, Moore says. They still see Lincoln as “a great company when it comes to manufacturing life insurance and annuities,” he adds.
Moore praises LPL’s platform for advisory accounts as a superior tool. With LPL’s technology, his firm can go paper-free with e-signature capabilities, while also receiving more personalized service from the home office, he says.
“When you call the service center, you get an immediate response every time,” he says. “We have our own dedicated service team, which makes a huge difference as well. It’s like going from the darkness to the light.”
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A spokeswoman for Lincoln had no comment on the team’s departure.
Moore Financial officially aligned with LPL on July 31, according to FINRA BrokerCheck. The elder Moore launched the practice in 1985, and his son came aboard in 2000. They completed their succession plan for the practice about 15 years ago, says Raymond, 70.
Most of the firm’s clients are retired or close to retirement, and they have a significant amount of assets they donate to endowment funds and churches, he says, noting he is a holder of the Chartered Advisor in Philanthropy designation.
Tuck, an 18-year finance veteran, also had prior tenures with Wachovia, UBS and Wells Fargo, BrokerCheck shows. Sharma entered the field in 2016 with MassMutual’s MML Investors Services before coming to Lincoln last year. The practice also has two full-time support staff members.
LPL CEO Dan Arnold has made enhancements to technology and services to advisors a major priority for the firm, pledging to spend some $125 million on tech this year while “transforming our culture.” The firm issued a statement by a business development executive expressing excitement about the recruiting move.
“We are committed to supporting our advisors by providing the resources, technology and innovative solutions that help them differentiate their businesses and serve their clients in the ways that matter most to them,” Craig Kamis, an LPL executive vice president, said in a statement. “We look forward to supporting Moore Financial for years to come.”