Kestra Brings On $600 Million Michigan Team, UBS Hires $1 Billion Rhode Island Team, Raymond James Recruits $2.9 Billion Virginia Team And Scott Posner Of LPL Financial Is Our New Recruiter Of The Month
For this edition of the Weekly Recruitment Roundup, in addition to covering three recent deals, we spotlight our new Recruiter Of The Month as part of a recurring Q&A with a different executive responsible for bringing on top strategic and advisory talent at leading firms.
For our Recruiter Of The Month entry, we speak with Scott Posner, Executive Vice President, Business Development at LPL Financial. For this week’s deals, we look at Kestra Financial bringing on the 16-person team The Society for Lifetime Planning, UBS hiring a five-person team from Morgan Stanley and Raymond James recruiting a 17-person team from Baird.
1. Kestra Brings On $600 Million Michigan Team The Society For Lifetime Planning
The Society for Lifetime Planning, a Troy, Michigan-based team overseeing more than $600 million in assets under management (AUM), joined Austin, Texas-based independent broker-dealer Kestra Financial. Larry Slabotsky, Managing Director, and Ken Morris, Executive Vice President, lead the 16-member team.
The Society for Lifetime Planning serves nearly 2,000 clients and provides financial planning, investment management, retirement planning, asset preservation, generational giving, income strategies, college funding and non-financial retirement guidance. Kestra, which supports more than 1,800 independent financial professionals, had $51 billion in AUM and $114 billion in assets under advisement (AUA) as of Dec. 31.
“2021 marked the strongest year in the firm’s history with over $100 million in new business, more than double the growth of a typical year,” Slabotsky said in the press release. “With Kestra Financial in our corner, we are confident we will continue on this growth trajectory, surpassing our business goals and strengthening our client service offering.”
To learn more, view the press release here.
A Providence, Rhode Island-based team overseeing approximately $1 billion in client assets left Morgan Stanley for UBS. The Narragansett Bay Group consists of Private Wealth Advisors Joseph Tamburini, Nancy Pasquariello and Nathan Hickney as well as Senior Wealth Strategy Associate Jennifer Hickney and Client Service Associate Patrick Monahan.
Tamburini, who has 30 years of industry experience, focuses on portfolio management and investment advisory. Pasquariello, who has nearly two decades of advisory experience, is a Certified Financial Planner and a Chartered Retirement Planning Counselor. Hickney, who specializes in investment analytics and investment management, holds CFP, Chartered Retirement Plans Specialist and Certified Investment Management Analyst designations.
“This team of professionals are a great addition to our firm, helping to strengthen our wealth management offering in the region,” Maxwell Bardeen, Complex Director of Boston Private Wealth Management at UBS, said in the press release. “Leveraging our unique suite of capabilities at UBS, I have no doubt the team will continue to successfully deliver for clients in the years to come.”
A 17-person team based in Reston, Virginia, with $2.9 billion in client assets has switched from Baird to the employee advisor channel of Raymond James. Simon Hamilton, the team’s managing director and portfolio manager, leads The Wise Investor Group of Raymond James, which is in the Washington, D.C.-area.
According to the team’s webpage, it has appeared on numerous top industry lists in recent years. These include the 2022 Barron’s Top 100 Private Wealth Management Teams, the 2021 Forbes Top 250 Wealth Advisors and the 2020 Financial Times 400 Top Financial Advisers lists, as well as the 2021 Virginia Business 500 Power list.
“After considerable thought, planning and months of due diligence, our team wholeheartedly felt Raymond James offers the best opportunity to enhance what we can accomplish together with our clients,” Hamilton said in the press release. “The firm has a long history of putting clients first and is equipped with a breadth of resources – from sophisticated wealth planning expertise to forward-looking technology.”
To learn more, view the press release here.
LPL Financial announced no fewer than seven different wealth management recruitments in the past 30 days, representing combined client assets of approximately $2.6 billion. These deals range in size from the recruitment of Orange, California-based Marianela Silva, who oversaw $120 million in client assets at Wells Fargo Advisors, to the recruitment of Ridgewood, New Jersey-based Resonate Wealth Partners, which served approximately $1 billion in advisory, brokerage and retirement assets last year at Merrill Lynch.
LPL – which as of June 30 reported more than $1 trillion in brokerage and advisory client assets serviced or custodied – supports nearly 21,000 financial advisors, approximately 1,100 institution-based investment programs and approximately 500 independent RIA firms nationwide.
WSR: Why has LPL had such strong success in recruiting advisors over the past month?
Posner: Advisors are our focus, and we’re committed to investing into the capabilities they need to be successful. In our conversations with advisors, they see and feel our commitment to their businesses, and how we’re enhancing our offering to better serve them for the long term, and they want to be part of it.
The cornerstone of LPL’s success is the fact that we’ve evolved beyond traditional independence to a premier wealth management platform with a diverse range of business models – including W-2 employee, supported independence, RIA custody and more – and ways to partner. We crave personalization in every aspect of our lives – why shouldn’t you be able to personalize how you run your business?
Working with us, advisors are in the driver’s seat. They have the power to choose how they want to run their business, the optimal level of support to do so, and how they want to grow in the future. The scale that LPL can provide means that power to choose is very powerful indeed.
WSR: What has your role been in helping LPL to win these recent recruits?
Posner: My job is to ensure our business development team has everything they need to support advisors who are navigating one of the biggest decisions of their lives. Running a business has its challenges, and when you’re looking to make a change, you want to be sure it’s the right one – for you, your clients, your family and your future.
Our team has the important job of consulting with advisors about their goals and challenges, and recommending a solution to help them grow and thrive on their terms. It’s not about fitting someone into a specific business model box; it’s helping them get to the root of their issue and solving it together.
In hearing and understanding what advisors are looking for from their firm, this gives us the ability to guide our investments into the areas that matter most to them, to the continued benefit of all LPL advisors.
Whether it’s enhancing our transition experience to make an advisor’s move easier and faster, developing more efficient technology tools to save them time or building out experienced consulting teams to support their ongoing growth, we continue to define LPL as the premier destination for independence.
Chris Latham, Deputy Managing Editor at Wealth Solutions Report, can be reached at firstname.lastname@example.org