LPL Financial has added well-known wealth management firm MACRO Consulting of Parisippany, N.J., with $650 million in AUM and five advisors, who left independent broker dealer SII Investments for its larger rival.

“[MACRO’s] decision to affiliate with LPL Financial is part of a broader trend of success we have experienced in attracting large and highly sophisticated teams of advisors to our company driven by the unique integration of broker-dealer, custody and clearing capabilities that we offer,” Bill Morrissey, LPL’s executive vice president for business development, said in a statement.

Often-quoted in the media, MACRO’s founder and senior partner Mark Cortazzo chose LPL for the firm’s integrated platform and for its compliance technology, which should help it advisors focus more attention on its clients, according to a company spokesman.

“The highly integrated solutions that we provide to independent advisor groups are more important than ever in an environment of increasing regulatory requirements and business complexity,” Morrissey said.

Cortazzo is known for his speciality in providing planning for people with life-threatening illnesses. His firm offers a proprietary asset management strategy as well as wrap portfolios, consisting of ETFs, LPL said.

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