Oct 2 LPL Financial LLC, the largest U.S.
independent broker-dealer by revenue, said on Tuesday it landed
San Diego-based independent advisory firm Washington Wealth
Management LLC with $750 million in client assets.
Washington Wealth's move over to LPL comes as the firm looks
to expand its adviser footprint and asset base across the
"Very experienced wirehouse advisers are exploring the
movement to independence - those with a seasoned client base
that no longer need the brand behind them," Bill Morrissey,
LPL's executive vice president of business development, said in
Wirehouses are the top U.S. brokerages owned by Wall Street
Washington Wealth, whose advisers are primarily veteran
breakaway broker teams with $100 million or more in client
assets, currently has 15 financial advisers in its group. The
firm's chief executive, Rob Bartenstein, said he plans to
eventually grow Washington Wealth to $1 billion in client assets
under management by year end.
"Our goal for 2013 is to grow in metro areas where we
currently exist," he said, in addition to expanding into three
or four additional metro areas over the course of the year.
The firm has hired many of its recruits from top U.S.
brokerages, including a team last month from Wells Fargo
Advisors, the brokerage owned by Wells Fargo & Co.
Advisers Brian Danelian, J. Allen Thompson and Christine
Fountain, who managed $135 million in client assets and
generated $1.4 million in annual revenue last year at Wells,
joined Washington Wealth in Woodland Hills, California.
"We have onboarded or will onboard advisers from all of the
major wirehouses in the next several months," Bartenstein said.
Boston-based LPL Financial, a wholly owned subsidiary of LPL
Financial Holdings Inc, provides brokerage, clearing
and other professional services to roughly 13,100 self-employed
brokers and advisers.
The firm has expanded by adding individual advisers and
teams, as well as larger independent groups like Washington
Wealth Management to its broker-dealer platform.
LPL last month also added Pennsylvania-based Delaware Valley
Financial Group with $500 million in client assets.