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LPL adds $360M team from rival as head count tops 16,000

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Fresh off a 13% year-over-year jump in head count, LPL Financial is adding to its force of 16,000 advisors with a team that managed $360 million in client assets under First Allied Securities.

Sackman & Son Financial Services, a third-generation practice with four advisors, joined the company’s broker-dealer and RIA platforms, LPL announced this week. Lee Sackman and his son Gary Sackman launched the Chicago-area practice in the early 1990s, and they had spent nine years with the Cetera Financial Group subsidiary IBD.

LPL is currently the nation’s largest IBD with 16,049 advisors and to keep hold of that title the company hopes to lure in more advisors with its pledge to spend some $125 million on technology this year and an effort to make 100 improvements to services for advisors.

Meanwhile, rival IBD network Cetera may see gains in its own headcount thanks to its decision to sell a majority stake to private equity firm Genstar Capital. The Waukegan Illinois-based team opted to leave the 7,700-advisor network of firms.

“LPL’s self-clearing capabilities were a huge factor in our decision to change firms,” Daniel Sackman said in a statement. “We are excited to be able to take advantage of the time and cost savings from those capabilities and believe it will enable us to deliver better service and more value to our clients. We look forward to utilizing LPL’s size and scale to help us grow our business.”

Representatives for First Allied parent Cetera declined to comment on their July 30 departure. The Sackmans didn’t respond to requests for comment.

Daniel Sackman, Lee’s grandson, joined the family business in 2010, while Gary has 34 years’ experience in the industry. He had also affiliated with First Montauk Securities, American Investment Services and Everen Securities prior to First Allied, according to their FINRA broker check records.

The practice includes two other advisors, Gary McBride and James Barnes, and two support staff members. McBride has been in the industry for 27 years, while Barnes has 47 years of experience.

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