It’s not just breakaway wirehouse advisors joining the industry’s largest independent broker-dealer these days. Teams from LPL’s rivals are, too.
Formerly with Kestra Financial, Kip Adams and his team at Gus Bates Insurance and Investments, a division of HUB Retirement and Wealth Management, have joined LPL’s broker-dealer, hybrid RIA and custodial platform in Fort Worth, Texas, according to the firm. The group previously served approximately $800 million in retirement plan, advisory and brokerage assets.
Adams’ team includes retirement plan advisor Blake Hiett, wealth advisor Spencer Stilwell and senior account manager Susan Blassingame, LPL says.
“We believe LPL has the resources, services and scale to really help us differentiate our business,” Adams said in a statement following the move. “We’ve found that LPL’s trading platform is incredibly easy to use and the level of innovative technology has already improved how we open new accounts and manage our business.”
After starting his career in 2005 with Walnut Street Securities, Adams moved to Kestra Investment Services in 2007, according to FINRA BrokerCheck records. While at Kestra, Adams spent five years from 2011 to 2016 affiliated with NFP Advisor Services.
Hiett got his industry start with Fidelity Brokerage Services in 2015, records show. He had been with Kestra since 2018 after spending a the better part of that year with Strategic Advisers. Stillwell and Blassingame had both been with Kestra since starting their careers in the financial services industry in 2019 and 2008, respectively.
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“LPL’s mission is to support our advisors, and we do that by helping them create differentiated practices and win in their markets,” Scott Posner, LPL’s executive vice president of business development said in a statement. “We will continue to use our size and scale to create value for our advisors, including making investments in the integrated technology and business resources that can help them be more successful by serving their clients efficiently and effectively.”
LPL currently supports more than 17,000 advisors, 800 institutional-based investment programs and 450 RIA firms in the U.S., according to the firm.
Earlier this month,
