LPL Adds $300M Florida FA Team to Employee Advisor Channel 

LPL Financial LLC has added financial advisors Kultar “Sid” Bindra and Steven Alvarez to its employee advisor channel, Linsco by LPL Financial, to launch Tampa, FL-based The Bindra Group. The team, previously with Truist Financial, reported serving approximately $300 million in advisory, brokerage and retirement plan assets. 

Bindra’s wealth management career began in college, working 56 hours a week for $7 an hour selling phones to pay for his education, according to LPL. Alvarez joined as a junior partner in 2022, and together they now cater to high-net-worth and ultra-high-net-worth business owners, as well as numerous government contractors. 

“I didn’t have financial aid or qualify for a grant due to my family’s pending immigration status, so I worked seven days a week to save for my education,” Bindra said. “I learned all about banking and finance at age 18 and graduated college with an 800 credit score, two degrees and zero debt. That $7 an hour job in college changed my perspective on a $7 million client account.” 

After a major reorganization at Truist, which initially sold a 20% stake in its insurance brokerage unit Truist Insurance Holdings, Inc in February 2023 to funds managed by Stone Point Capital for $1.95 billion, and then the remaining 80% in February of this year to an investor group led Stone Point Capital and Clayton, Dubilier & Rice for $15.5 billion, Bindra and Alvarez decided it was in the best interests of their clients and business to have more control over how they operate. 

In June, LPL added Russell Wealth Partners, a $250 million advisory firm who left Merrill Lynch, to its employee advisor channel. Advisors with Linsco by LPL can maintain their own practices but have access to its resources, consultants and technology teams.