$1.2B LA Team Bolts Morgan Stanley for LPL Financial
LPL Financial LLC announced that former Morgan Stanley father-son duo Burke Francis and Christopher Francis have joined the broker-dealer to launch a family-focused office and independent practice, The Francis Group at LPL.
The $1.2 billion Francis Group team launched the firm in affiliation with LPL’s supported independence model, LPL Strategic Wealth Services.
Burke Francis, who has built the Los Angeles area practice since 1966, specializes in asset management for high-net-worth individuals. His son, Chris, joined the form in 1998, after working in real estate development and numerous venture- backed companies.
As seems to be the case when one breaks away from a wirehouse, they wanted a more culturally aligned environment “free from sales goals and corporate agendas.”
“We used to tell our clients ‘bigger is better,’ but we realize that is not the case anymore, and with searing vision comes beneficial results,” said Burke Francis. “We are built to be free and, in our case, free to build a business on our own terms within a culture that aligns with our value, free from the burden of corporate influence.”
LPL Strategic Wealth Services now has 96 advisers in 18 states and manages almost $20 billion in assets.