LPL Financial Acquires $425M RBC Wealth Team

LPL Financial Adds $425M Advisory Team, Bolstering Strategic Wealth Platform

in a move highlighting its appeal to leading advisory groups, LPL Financial recently announced the addition of evermark Investment Partners to its Strategic Wealth platform.

The San Diego, California-based team, formerly with RBC Wealth Management, brings over $425 million in advisory, brokerage, and retirement plan assets to LPL’s fold. This meaningful addition underscores LPL’s continued growth and attractiveness to established financial advisor teams.

EverMark Investment Partners Joins LPL’s Strategic Wealth

EverMark Investment Partners officially transitioned to LPL Financial on June 4, according to a company spokesperson.The team joins LPL’s Strategic Wealth channel, a platform designed for advisors seeking greater autonomy and comprehensive support.

Strategic Wealth is LPL’s 1099 channel, offering a unique blend of independence and robust resources. The team represents a notable expansion for LPL, marking the firm’s commitment to attracting and integrating top-tier advisory talent.

Who Comprises EverMark Investment Partners?

The team is spearheaded by financial advisors Matthew Sweeney, John Folsom, and Tanner carter. They are supported by senior investment associates Nomah Cronk and kristin Garnica.

Together,they offer a comprehensive suite of services,including estate planning,investment management,financial planning,and tax strategies,catering to a diverse clientele.

Strategic Wealth Model attracts Top Talent

John Folsom emphasized the appeal of LPL’s Strategic Wealth model. “It takes the best aspects of being RIAs – owning our own business, our client relationships belonging to us, choice in technology and services, optimal succession solutions – and packages it with an outstanding process to help us set up our business for success from day one,” he stated.

This sentiment underscores the growing trend of advisors seeking greater control over their practice while leveraging the resources of a large, established firm like LPL Financial.

EverMark: The 50th Team to Join Strategic Wealth

EverMark Investment Partners marks the 50th advisory team to join LPL’s Strategic Wealth platform. This milestone highlights the platform’s increasing popularity and effectiveness in attracting successful advisory practices.

Previously, in March, carnegie Private Wealth, a Charlotte, NC-based team managing approximately $1 billion in assets, also joined strategic Wealth, further demonstrating its appeal to large advisory groups.

Last October, Air Capital Wealth Management, a $685 million practice based in Wichita, KS, also affiliated with LPL’s Strategic Wealth Services.

LPL’s Extensive Network

LPL Financial supports over 23,000 advisors nationwide.This includes advisors at approximately 1,000 institutions and around 580 registered investment advisor firms.

this extensive network provides advisors with access to a broad range of resources and expertise, facilitating their ability to serve clients effectively.

Key Facts: At A Glance

Team	Assets Under Management	Location
EverMark Investment Partners	$425 Million	san Diego, CA
Carnegie Private Wealth	$1 Billion	Charlotte, NC
Air Capital Wealth Management	$685 million	Wichita, KS

The Appeal of independence in Financial Advising

The movement of advisory teams toward autonomous platforms like LPL Financial’s Strategic Wealth reflects a broader trend in the financial services industry. Advisors are increasingly seeking greater autonomy, control over their business, and the ability to offer personalized solutions to their clients.

This trend is fueled by technological advancements,changing client expectations,and a desire among advisors to build sustainable,client-centric practices.

Pro Tip: When selecting a financial advisor, consider their affiliation and the resources they have access to. Independent advisors often have a wider range of options available to them, perhaps leading to more tailored advice.

The Evolution of Financial Advisory Models

Traditionally, financial advisors operated within large brokerage firms, adhering to standardized products and services. However, the rise of the Registered Investment Advisor (RIA) model has empowered advisors to act as fiduciaries, prioritizing their clients’ best interests.

Did You Know? The number of RIAs has grown significantly in recent years, indicating a shift towards independent advice and client-centered practices.

LPL Financial’s Strategic Wealth platform represents a hybrid approach, combining the benefits of independence with the support and resources of a large organization. This model is appealing to advisors seeking the best of both worlds.

What factors do you think are most vital when choosing a financial advisor? How much does the advisor’s independence weigh into your decision?

Frequently Asked Questions

• What is LPL financial’s Strategic Wealth model?

  LPL Financial’s Strategic Wealth model combines the autonomy of being a Registered Investment Advisor (RIA) with comprehensive support and resources, allowing advisors to own their business while benefiting from LPL’s technology and services.

• Who are the key members of EverMark Investment Partners?

  The key members include financial advisors Matthew Sweeney, John Folsom, and Tanner Carter, along with senior investment associates Nomah cronk and Kristin Garnica.

• What services does EverMark Investment Partners offer?

  EverMark Investment Partners provides services such as estate planning, investment management, financial planning, and tax strategies.

• How many advisory teams have joined LPL Strategic Wealth?

  As of recent announcements, EverMark Investment Partners is the 50th advisory team to join LPL’s Strategic Wealth platform.

• What is the significance of LPL financial adding a $425M team?

  Adding a $425M team like EverMark Investment Partners underscores LPL financial’s attractiveness to larger advisory groups and its commitment to expanding its wealth management capabilities.

What are your thoughts on the increasing movement of advisors toward independence? Share your comments below!

How will this acquisition impact the existing client base of the advisors joining LPL Financial?

LPL Financial Acquires $425M RBC Wealth Team: A deep Dive

The financial landscape is constantly evolving, with mergers and acquisitions becoming increasingly common. In a significant move,LPL Financial, a leading independent broker-dealer, has acquired a wealth management team that managed approximately $425 million in client assets from RBC Wealth Management. This strategic acquisition highlights LPL’s ongoing commitment to expanding its market share within the wealth management sector. This article explores the details of this acquisition, its implications, and the broader trends shaping the industry.

Key Highlights of the Acquisition

the acquisition of the RBC Wealth Team represents a considerable investment by LPL Financial. This transaction involves:

• Assets Under Management (AUM): The acquired team brings a substantial $425 million in client assets to LPL.
• Advisory Team: The deal includes the transfer of financial advisors and their client relationships.
• Strategic Rationale: LPL Financial aims to strengthen its position in the advisory and brokerage services market.

Impact on Financial Advisors

The integration of the RBC Wealth Team into LPL Financial’s platform offers financial advisors several advantages. LPL is known for its robust technology, support services, and broader range of investment solutions, potentially enhancing their capabilities and client service offerings.LPL typically provides independent financial advisors with:

• Technology and Resources: Access to a wide array of technology designed to streamline operations and improve the client experience.
• Compliance Support: Comprehensive support to ensure regulatory adherence and reduce administrative burdens.
• Investment Options: A broader selection of investment products and services to cater to a variety of client needs.

Industry Trends Shaping the Acquisition

this acquisition reflects larger trends in the wealth management industry. Several factors are driving firms to merge or acquire teams:

Consolidation in the Wealth Management Sector

Consolidation among independent broker-dealers (IBDs) and Registered Investment Advisors (RIAs) is becoming more prevalent. Firms are seeking to:

• enhance Scale: Larger firms often benefit from economies of scale, including reduced overhead costs and increased buying power.
• Expand Reach: Strategic acquisitions allow firms to access new markets and grow their client base.
• Improve Capabilities: Mergers can integrate specialized skills, such as advanced financial planning or estate planning services.

The Role of Independent Broker-Dealers

Independent broker-dealers (IBDs) are gaining more prominence. They offer financial advisors the option to operate with greater autonomy while still receiving the support of a larger financial institution. They provide services to help financial advisors and clients with:

• Client-focused Advice: IBDs enable advisors to provide personalized advice tailored to each client’s specific investment strategies.
• Technological Innovation: IBD investments in technology help streamline client interaction and operations.
• Regulatory support: Ensuring compliance while allowing advisors to focus on client relationships.

Benefits for Investors

For clients, the acquisition may provide several benefits, including:

• Access to Enhanced Services: With a broader range of resources, the newly acquired advisors can potentially offer more comprehensive services.
• Improved Technology: Modern, efficient technology platforms could result in better client communications and account management.
• Increased Specialization: Support for financial advisors to provide better access to specialized areas such as retirement planning or tax-efficient investing.

Feature	Benefit for Investors
Support and Resources	Access to a wider scope of investment management advice
Expanded network	Potential for access to a broader range of talent and specialties
Administrative efficiency	Potentially faster and more streamlined administrative tasks and better communication

practical Tips for Financial Advisors Considering a Transition

For financial advisors considering a move to LPL Financial or another broker-dealer, the following tips might potentially be helpful:

1. Assess Your Needs: Determine what you want from a new partner or firm by defining what is lacking currently, this includes technology or investment capabilities. Consider what you want to be able to do for your clients.
2. do Your Research: Investigate the resources, support and culture of potential firms. Talk to current advisors at LPL to learn about their experiences.
3. Evaluate Technology: Review the technology platforms each firm offers, and determine if resources are sufficient and fit with your needs.
4. Plan for Transition: Ensure a smooth transfer of client accounts by working closely with your new firm and informing your clients with detailed communication.

The LPL Financial acquisition of the $425M RBC Wealth Team represents a significant shift in the wealth management landscape. This move underscores the ongoing trend of consolidation. Both current and prospective advisors need to understand the benefits and consider the implications of such moves on their strategy. The long-term effects of the deal are yet to unfold,however,it clearly highlights the dynamic nature of the financial services industry.