$1B enterprise with 25 advisors leaves Cetera for LPL in latest big poach
LPL Financial poached a growing 50-employee enterprise from Cetera Financial Group, in at least its fifth recruiting grab of the year above $1 billion in client assets.
The Tagge Rutherford Financial Group displays on its website the progression of six successively larger offices over its 27-year history in Omaha, Nebraska, all the way up to its 32,000-square-foot current home. After 14 years with Cetera Advisors, President Monte Peterson and the 25-advisor team affiliated with LPL, the firm said Oct. 19.
The enterprise managed about $1 billion with Cetera. Their move constitutes the ninth largest announced this year in the independent broker-dealer sector, according to Financial Planning’s tracking of the figures. LPL has made three of the 10 biggest grabs in terms of client assets in 2020. It also secured two bank-channel commitments likely to be the largest moves of next year.
LPL’s integrated technology and self-clearing capabilities drew Peterson and fellow partners Scott Norvell, Chad Peterson, Adam Bailey and Nate Edie to the nation’s largest IBD, he says.
“Our business continues to grow as the world around us evolves,” Peterson said in a statement. “We recognized a need for a change — one that impacts clients positively and creates more office efficiencies.”
Representatives for Cetera declined to comment on the enterprise’s move.
Peterson’s team is using LPL’s corporate RIA. They officially aligned with LPL on Aug. 28, FINRA BrokerCheck shows. Most of the advisors have spent their entire careers with the firm, which has a mission statement calling for “delivering a systematic wealth management process that provides risk management, comprehensive services and disciplined investment results.”
In the past 12 months, LPL has added a net 812 advisors to reach a record 16,973, its most recent earnings show. While its headcount surged 5% year-over-year, the recruiting team led by Rich Steinmeier, the firm’s divisional president of business development, notched agreements with advisors bringing $38.8 billion in client assets.
“We will continue to leverage our position and scale to be a value driver to our advisors and help them be successful at every stage of their business’ lifecycle,” Steinmeier said in a statement. “We look forward to partnering with the Tagge Rutherford team for years to come.”