LPL Financial Lures $215M California FA Duo from Osaic
LPL Financial continues to recruit financial advisors from Osaic, most recently announcing the addition of a California team that managed about $215 million in advisory, brokerage and retirement plan assets as of the end of 2023, to its broker-dealer, RIA and custodial platforms.
FSI Wealth Management founding partners Paul Neves and Darrin Santos have over six decades of combined experience in the financial services industry. They joined forces in 1995 to build a financial planning-based firm in Old Town, San Diego, where they are supported by two office associates.
FSI was previously with Securities America, which is now part of Osaic.
According to LPL, the team determined it was time for a change following the sale. “We were at an impasse with our business and thought to ourselves, ‘Do we want to wait and see what happens next or go somewhere that’s already proven?'” Neves stated.
LPL has lured several advisors from Osaic in recent weeks and the firms it has bought, particularly from Lincoln Financial’s wealth unit, which Osaic acquired in December. LPL acquired a Texas-based team of advisors managing $816 million and a North Carolina team overseeing $4.6 billion.
