Independent BDs

Level Four Group, a Plano, Texas, based advisory firm with close to $1 billion in assets under management has moved from Lincoln Financial to LPL in a bid to grow by using the LPL platform and name to increase its stable of advisors.

The organization will becgin a national search for the next CEO/executive director spearheaded by a search committee that was formed after receiving Turf’s letter in early October.

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.

If there is a constant in the investment advisory landscape, it’s change. And few things are changing faster than the independent sphere.

Evercore Partners Inc., the advisory firm founded by Roger Altman, agreed to purchase Mt. Eden Investment Advisors LLC, a San Francisco-based wealth manager with $645 million in client assets.

Legacy Wealth Planning announced Wednesday that it hired Mark Elston and his team of financial advisors.

The firm hit $19.9 billion in AUM in the third quarter of 2012, an 18% jump from $16.8 billion in the third quarter last year. Most of the increase came from new client inflows.

“Advisors have been told that it’s the name of the firm on the business card that’s important to clients,” he said, “so their clients won’t follow them if they go independent. We have found that it’s the advisor-client relationship that’s important, not necessarily the name of the firm.

Approximately 300 advisors affiliated with independent broker-dealer Symetra Investment Services, based in Bellevue, Wash., now have access to a Envestnet's online tools, including aggregated reporting capabilities.

First Republic will integrate Luminous Capital Holdings into First Republic Investment Management.

TD Ameritrade Institutional drew a record 441 breakaway brokers to its platform for independent registered investment advisors in fiscal 2012, a 27% increase from a year earlier.

Among the big deals this week: First Allied buys Legend from Waddell & Reed to form a firm with $28 billion under management.

Largest independent broker-dealer increases assets under management and adds advisors, but revenues don't keep pace.

Brown Advisory, a Baltimore-based independent investment management firm, hired Christopher Bartlett as a partner in its Baltimore office.

Almost one in two consumers (47%) say they keep the majority of their assets with banks, up from 44% in 2011. Self-directed firms and full-service brokers, in contrast, had only 28% and 15% of the market, respectively.

The hybrid RIA firm says it chose LPL after a 'Bachelor'-style bakeoff.

A team of six financial advisors have left Prudential to form Capstone Affluent Strategies, an independent wealth manager that has partnered with LPL Financial.

Risk Paradigm Group, an independent wealth and asset management firm, announced Monday that a three-person advisor team from Morgan Stanley Wealth Management will join the firm.

Capital Guardian LLC, a Charlotte, N.C., based boutique wealth manager, announced Tuesday it added a former LPL Financial team to its independent channel.

The SunTrust affiliate names a firm veteran, Thomas M. Carroll, as the new chief.