LPL has grabbed an independent group, which said it had $205 million in client assets before making the move.
Operating as Advantage Wealth Advisors, the team said it had about $2.1 million in annual revenue when it decided to join LPL. The group, which is dually registered on LPLs RIA platform, is led by 18-year industry veteran, Virgil J. Threlkeld. He is president and founding partner of the Alamo, Calif.-based firm, which was started in 2003.
Under Threlkeld are advisors John Saylor, Charles Presti and Milton Guzman, as well as Jon Lee, a registered sales assistant. The group previously was registered with San Diego-based First Allied Securities, before transitioning to LPL. With $31 billion in assets under management and 785 affiliated financial advisors according to its website, First Allied ranked 24th on Financial Planning magazines ranking of the greatest IBDs.
Threlkeld, who also worked within the employee advisory channel at UBS and Morgan Stanley, started his career at PaineWebber in 1996.
Advantage will be looking to expand via acquisitions mostly in California, Arizona and other southwestern locations, according to LPL. The firm has made eleven acquisitions so far. Advantage also plans to tap into LPLs existing network of 800 California based advisors.
LPL's understanding of our "growth by acquisition" strategy was a major factor, they definitely get it. We also felt that LPL's size and position in the B/D space would provide a high level of stability, leadership and opportunities going forward, Threlkeld said.
Advantage also wants to join LPL's hybrid platform so it can "go after RIA acquisitions as well, Threlkeld added.
Over the last six months, LPL has made several significant recruitment deals including Bridgeworth, Standard Investment Advisors, Faubourg Private Wealth Advisors, the Center for Wealth Planning and Ellsworth Private Wealth Management.
Part of the LPL value proposition is to provide advisors choice in how they run their practices, said Stephen Pirigyi, Executive Vice President of Business Development at LPL Financial Advisors. They can decide on whether to reside on the corporate or hybrid custodial platform according to whatever platform is best suited for their and their client needs.
New business combined with the growth of LPLs existing client base brought in a record $5.2 billion of net new advisory assets this quarter, according to LPLs management. The firm reported a 12% increase in net new advisory asset growth as of March 31.
Shreya Agarwal is an intern for SourceMedia's Investment Advisor Group.
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