LPL Financial Adds $1B Seattle Practice From Northwestern Mutual

LPL Financial said Oct. 14 that the advisers of Prince Financial Services, a Seattle-based practice that reports about $1 billion in advisory, brokerage, and retirement plan assets, have joined its broker-dealer, registered investment adviser, and custodial platforms from Northwestern Mutual.

The move comes a day after AltsWire reported LPL’s addition of two practices with a combined $755 million in client assets from Merrill Lynch and Osaic, and follows the firm’s Oct. 5 recruitment of the $1.1 billion Praxis Financial Partners team from Wells Fargo Advisors Financial Network.

Julie Prince and Dave Burnett founded Prince Financial Services. Partners Prince, Burnett, Cade Mossman, Conner Gehring, and David DeYoung now lead the practice. It serves retirees, business owners, high-net-worth families, and technology professionals – mainly in the Pacific Northwest. According to the practice, each client relationship starts with a comprehensive financial plan, which the advisers use as the basis for investment and wealth management decisions and update as clients’ circumstances change.

Prince Financial Services said its advisers build relationships with each other’s clients, and its operations and planning staff are encouraged to work directly with clients as well. A 10-person administrative team supports the practice.

Mossman said the team looked at independent and broker-dealer platforms before choosing LPL.

“We spent nearly a year researching potential partners and met with numerous firms before making our decision,” Mossman said. “LPL stood out because of its continued investment in technology and its commitment to helping advisors operate at their highest level.”

LPL’s Marc Cohen, chief growth officer, said the practice “has built an impressive business by staying true to two principles: thoughtful financial planning and a highly collaborative approach to serving clients.”

LPL Financial Holdings Inc. (Nasdaq: LPLA) supports more than 32,000 financial advisers and the wealth management practices of about 1,100 financial institutions. It services and custodies about $2.6 trillion in brokerage and advisory assets.

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