LPL Draws $1B California FA Team from Osaic
LPL Financial LLC continues its recruitment spree of former Osaic advisors, with the addition of Salient Wealth Planning Group, a Manhattan Beach, CA-based advisory firm with $1 billion in client assets.
Founder John P. Schlatter and advisors Robert Rojano, Alec Hoag, and Michael Madden provide clients with investment strategies, financial planning and wealth preservation services emphasizing tax efficiency and wealth transfer through multiple generations.
“We take a holistic process to build on the foundations that clients have already laid, and we believe good planning helps the right choices reveal themselves,” Schlatter said, noting they primarily work with high-net-worth clients.
The team chose LPL for its advanced capabilities and customer service, particularly noting LPL’s significant $500 million technology investment planned for 2024.
In 2023, Advisor Group rebranded as Osaic and initiated a multi-year plan to consolidate its broker/dealers under the new brand. The firm also completed its acquisition of Lincoln Financial’s $115 billion wealth business in May, onboarding over 1,400 advisors. However, amid the integration process, several teams have departed Osaic for competing firms, including LPL.
The most recent Osaic departures to LPL were Bart and Alex Lewellyn, the father-son duo of Lewellyn Wealth, bringing approximately $320 million in client assets.
LPL currently supports over 28,000 financial advisors and approximately 1,200 financial institutions, managing about $1.8 trillion in brokerage and advisory assets for six million Americans.
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