$2.4 Billion HighWater Wealth Team Joins LPL from U.S. Bank

LPL Financial has recruited HighWater Wealth, a San Diego-based team overseeing approximately $2.4 billion in advisory assets, from U.S. Bank. The team joined LPL’s broker-dealer and registered investment adviser platform through Quotient Advisor Partners, an existing office supporting LPL-affiliated advisers.

The HighWater Wealth team includes Kristian Forster, Mike Rookus, Falko Hörnicke, Tim Davidson, and Brian Rissman.

HighWater Wealth provides multigenerational office services for high-net-worth individuals and families, opening with a review of each client’s trust and estate structure, balance sheet, and cash flow needs before building customized investment strategies intended to evolve with client objectives.

President and founding partner Mike Rookus said the practice was built around a planning-first model. “We built HighWater Wealth to deliver a highly personalized, planning-led experience for our clients,” Rookus said. “Our approach is centered on understanding the full financial picture – from trust and estate considerations to cash flow and long-term objectives – so we can design strategies that are tailored to each family’s needs.”

Forster said the team chose LPL, with the support of Quotient Advisor Partners, for the combination of independence, scale, and planning capabilities. “With LPL and the support of Quotient Advisor Partners, we have the flexibility, tools and infrastructure to deliver a more comprehensive, multi-generational approach,” Forster said. The team also cited access to trust and estate planning resources and a broader range of investment solutions to support active portfolio management.

Ray Lucia Jr., chief executive officer of Quotient Advisor Partners, said the firm is designed to lower the perceived risk of going independent. “For 25 years, I’ve been on almost every side of this industry, and what I’ve learned is that most advisers stay inside large institutions not because they’re satisfied, but because going independent feels too risky,” Lucia said. “Everything we do at Quotient exists to change that.”

Chief growth officer Marc Cohen said LPL was pleased to welcome the team. “We welcome HighWater Wealth to LPL,” Cohen said. “HighWater has built a remarkable practice distinguished by sophisticated planning and a deep commitment to serving high-net-worth families with highly personalized, multi-generational guidance.”

The addition is by far the largest of a string of LPL adviser moves AltsWire has tracked this year. Earlier this month, three adviser teams from Wells Fargo, Wells Fargo Advisors, and MML Investors Services joined LPL with a combined $725 million in assets. In late June, Ronald White launched an independent practice, NorthStar Wealth Advisors, with about $160 million in assets, and Tribute Financial joined with more than $500 million from United Planners Financial Services.

LPL Financial Holdings Inc. (Nasdaq: LPLA) supports more than 32,000 financial advisers and the wealth management practices of approximately 1,100 financial institutions, servicing and custodying approximately $2.3 trillion in brokerage and advisory assets on behalf of approximately 8 million Americans.

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