LPL Lands $755M in Adviser Practices From Merrill Lynch, Osaic
LPL Financial has added two adviser practices with a combined $755 million in reported client assets. One is a Bay Area team going independent after more than 25 years at Merrill Lynch. The other is a Michigan practice that moved from Osaic.
Nick Economos has launched Economos Private Wealth in Danville, Calif., through LPL Independent Advisor Network, the firm’s supported independence model, LPL said Oct. 13. Economos reported serving approximately $580 million in advisory and brokerage assets.
Economos joined The Economos Group at Merrill Lynch in 2000. His father founded the practice there in 1994. Economos has more than 25 years of industry experience working with corporate executives, business owners, and multigenerational families. The firm describes its role as the “CFO for successful families.” Its financial plans coordinate decisions across clients’ careers, businesses, and families, and the team reviews them as circumstances change. Heather Stickney and Tyler Economos support the practice.
According to LPL, advisers in LPL Independent Advisor Network get transition support, growth coaching and consulting, and ongoing operational, compliance, and administrative support from regional LPL teams.
“Moving to independence gives us the flexibility to tailor our approach around each family’s unique needs and goals,” Economos said. “What attracted us to LPL was the ability to combine that independence with the scale, resources and support of a leading wealth management firm.”
On Oct. 7, LPL said Brad Jerome of Legacy Financial Group had joined its broker-dealer and registered investment adviser platforms from Osaic. Jerome reported serving approximately $175 million in advisory, brokerage, and retirement plan assets.
Legacy Financial Group is based in Burton, Mich., outside Flint. Its clients range from young investors to retirees in their 90s, and the firm often works with several generations of the same family. It coordinates with clients’ estate planning attorneys and CPAs. The practice offers quarterly reviews, educational workshops, and client appreciation events. Ben McKinney, Keaton Washburn, Brooke Lince, Autumn Blackford, Lisa Blackburn, and Delanie Carpenter support the firm.
Jerome said the team chose LPL after due diligence and conversations with industry peers. He cited LPL’s technology, investment platform, and adviser support.
“We were looking for a firm that was professional, operationally strong and capable of supporting our firm’s continued growth,” Jerome said.
The two additions follow LPL’s Oct. 5 announcement that the $1.1 billion Praxis Financial Partners team had joined from Wells Fargo Advisors Financial Network. In September, LPL added the $385 million Horizon Wealth Management Group and two Northwestern Mutual practices with a combined $1 billion.
LPL Financial Holdings Inc. (Nasdaq: LPLA) supports more than 32,000 financial advisers and the wealth management practices of approximately 1,100 financial institutions. It services and custodies approximately $2.6 trillion in brokerage and advisory assets.
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