LPL Financial Recruits $280M Missouri Wealth Team
LPL Financial recruited Legacy Wealth Advisors, a $280 million Town and Country, MO–based financial advisory firm, from rival Cetera.
Led by founder and President Kevin Loyd, a 22-year veteran of the financial services industry, Legacy joins LPL’s broker-dealer, registered investment advisor and custodial platforms.
Lloyd is joined by advisors Calvin Keth and Jeremy Spellmeyer.
“With LPL being an all-encompassing firm and its own custodian, we believe it will be much easier to service our clients and lower costs,” Loyd said. “LPL’s innovative technology is streamlined and more user-friendly, and its integrated capabilities will help us be more efficient.”
LPL lured a team of advisors in July overseeing $200 million at Securian Financial Group, who said they were driven by the January announcement that Cetera would acquire Securian.
The deal closed last month, according to Cetera.
Other recent LPL recruitments include: BW Wealth Management, a $350 million Scottsdale, AZ independent practice, last week; and $1.5 billion Arizona-based Watermark Wealth Management and $650 million Bellevue, WA-based Pinnacle Private Wealth Advisors last month.
LPL has approximately 22,000 financial advisors, including advisors at about 1,100 enterprises and about 550 RIAs.