LPL's Linsco channel wins $1B team from Fifth Third

A giant in the fast-growing independent sphere has scooped up another big team, this time in Atlanta. 

LPL Financial announced Monday that PB FAM Private Wealth, a team of advisors with over $1 billion of client assets, had joined the Linsco by LPL employee channel from Fifth Third Private Bank. The assets were reported as of the end of 2022 and were spread among advisory, brokerage and retirement plan accounts.

The move comes as LPL once again topped Financial Planning's annual rankings of the largest independent broker-dealers, having reported 11.4% more in total firm revenue over the prior year — where it also took the top spot in the rankings. LPL's Linsco model is only four years old, having launched in 2019, but it aims to offer a sweet spot for advisors seeking a balance between independence and firm support for employees.

READ MORE: LPL developing 'a key tenet of our advisor experience,' CEO says

The team includes advisors Raanan Pritzker, Brian Brenneman and Neal Foushee. Pritzker is a chartered financial analyst who specializes in working with multigenerational families, business leaders and "top medical professionals," according to a press release.  Brenneman is a chartered retirement planning counselor who specializes in managing portfolios and Foushee is a certified financial planner, leading practice management for the team, who formerly served in the United States Air Force.  

The team's move was motivated by the desire to provide a better "concierge level of service" to its mostly ultrahigh net worth clients while still seeking autonomy, Pritzker said in the press release. 

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LPL's Linsco channel appeared to fit the bill by allowing the team to own its client relationships and "run their practice, their way," the press release said. It also offered strong tech support, as well as "support from an experienced management team, dedicated marketing consultant, technology consultant and service team." Finally, the team will have the benefit of "The Private Trust Company along with advanced estate and income tax planning, alternative investments platform and complex life insurance planning."  

"To take our business to the next level, we need ownership without limitations," Brenneman said in the press release. "With Linsco, we can do more for our clients, and it will help springboard our practice faster."

The team joined LPL in August, according to SEC records. 

Reached for comment, Fifth Third Bank declined to respond.