Nov 13 LPL Financial Holdings Inc, the
largest U.S. independent broker-dealer by revenue, said on
Tuesday it landed independent adviser group Level Four Group
with $1 billion in client assets.
Plano, Texas-based Level Four Group, which includes about 50
licensed independent financial advisers, joined LPL's
broker-dealer last week. The group was previously affiliated
with Lincoln Financial Securities Corp.
"We transitioned to LPL really because of a strong desire to
grow our talent base of advisers," Jake Tomes, the group's chief
executive officer, said in an interview.
He also said he hopes to double the size of the group's
client asset base over the next two years, by adding more
veteran advisers and building off of the group's current adviser
"This year we're seeing a lot of internal movement in the
independent space," said Tomes, who noted that the firm has
recruited from independent firms as well as larger, bank-owned
brokerages and insurance firms.
Level Four Group was originally started as a business
development and consulting firm for accounting firms and
independent certified public accountants who wanted to add
wealth management to their practices. The firm has offices in
Austin and the Dallas-Fort Worth area, as well as Irvine,
Boston-based LPL Financial provides brokerage, clearing and
other professional services to roughly 13,100 self-employed
brokers and advisers.
LPL Financial has expanded by adding individual advisers and
teams as well as larger independent groups like Level Four Group
to its broker-dealer platform.
LPL also recently added Parsippany, New Jersey-based Macro
Consulting Group, led by veteran adviser Mark Cortazzo, with
about $650 million in client assets under management.
Cortazzo, ranked among Barron's 2012 list of top advisers in
New Jersey, was joined by advisers Jay LaMalfa, Nick
Spagnoletti, Barry Levine and Stephen Esposito.