$250M Merrill Family Trio Joins LPL’s Affiliation Model 

LPL Financial has added financial advisor Tom Russell, and his sons Brian Russell and Charles Russell to its employee advisor channel, Linsco by LPL, to launch Russell Wealth Partners.  

The family team reported serving approximately $250 million in advisory, brokerage and retirement plan assets and joins LPL from Merrill Lynch. They will operate out of LPL’s San Diego campus. 

“LPL supports the entrepreneurial mindset and gives us the flexibility to build our business on our own terms so we can put clients’ best interests at the forefront of everything we do,” Tom Russell said. “I’m confident this move will help ensure my sons will be set up for success right away and 20 years from now.” 

Advisors that affiliate through Linsco, which launched in August 2020, receive the benefits of being independent, including ownership of their book of business and the autonomy to run their business as they see fit. 

The payout through Linsco ranges from 50% to 70%, and no platform, transaction or administrative fees. LPL also provides offices, technology solutions, and employee benefits. 

Last week, LPL added California-based FSI Wealth Management, a $215 million team previously with Securities America, which is now part of Osaic, to its broker-dealer, RIA and custodial platforms. 

In May, the firm announced that its new private wealth affiliation model for high-net-worth advisors, LPL Private Wealth Management, recruited two Merrill Lynch advisors who manage $705 million in advisory, brokerage, and retirement plan assets. 

LPL serves nearly 23,000 financial advisors, including advisors at approximately 1,100 institutions and at approximately 570 registered investment advisory firms nationwide.