LPL Boosts AUM By Nearly $1B, Adds NJ, AZ FAs
LPL Financial LLC added advisors Carmen M. Lex Jr. and Chris Lex to their platform on Tuesday, bringing approximately $630 million in advisory, brokerage and retirement plan assets from Corebridge Financial, formerly Valic, a subsidiary of AIG. The brothers, based in Marlton, NJ, have formed Lex Wealth Management, specializing in financial planning with expertise in pension and social security analysis.
The move to LPL represents their transition to independence, driven by their desire to provide more personalized options for clients in distribution phases, aiming to benefit from LPL’s technology, business resources, and product selection.
“As we work with more clients in the distribution phases, we realized there are more personalized options available to us as independent advisors,” said Carmen Lex.
On Wednesday, LPL announced the addition of advisors Steve Schulte and Melissa Toler Short to the firm’s employee advisor channel, Linsco by LPL Financial, to launch Southwest Advisory Group. The team, previously with Ameriprise, reported serving approximately $300 million in advisory, brokerage and retirement plan assets.
Based in Yuma, AZ, Schulte and Toler Short chose Linsco for its independence model, allowing them to own client relationships while accessing LPL’s integrated wealth management platform and business resources. The move represents a return to LPL for Schulte, who was previously with the firm from 2010 to 2014.
“LPL is the right fit because they are focused on taking care of advisors, allowing us to optimize our practice and run it how we see fit,” said Short.
LPL has had a busy start to the year, adding more than $5.2 billion in client assets to its platform, including the most recent additions. Earlier this month, the firm onboarded Charter Oak Wealth Partners, who is aligning with existing firm Academy Financial. The Hartford County, CT-based firm serves approximately $600 million in client assets. Prior to that, LPL welcomed Salient Wealth Planning Group, a Manhattan Beach, CA-based advisory firm with $1 billion in client assets.
LPL Financial currently supports nearly 29,000 financial advisors and approximately 1,200 financial institutions, with approximately $1.7 trillion in brokerage and advisory assets under management on behalf of approximately six million Americans.
Connect Money will spotlight rising stars who have made a valuable contribution to the wealth management industry. Based on your nomination, we will recognize professionals who have significantly influenced both the workplace and community. The deadline is February 26. Click here to submit your nominations.
