Welcome to Financial Advisor IQ
Follow

LPL Loses Pinnacle Private Wealth to Triad Advisors

June 4, 2018

Pinnacle Private Wealth is joining the broker-dealer and hybrid RIA custodial platform of Triad Advisors, a wholly-owned subsidiary of Ladenburg Thalmann Financial Services, according to a press release from Triad. Pinnacle was formerly affiliated with LPL Financial, according to WealthManagement.com.

Woburn, Mass.-based Pinnacle manages more than $750 million for pre-retirees and high net worth individuals, offering financial planning, investment and risk management, retirement planning and insurance services, according to the press release from Triad. Founded in 2009, Pinnacle currently has seven financial advisors assisted by three support staff, Triad says.

"Our decision to join Triad Advisors was made after a thorough and lengthy due diligence process,” Daniel Cotton, Pinnacle’s managing partner, says in the press release. “We wanted to take the time necessary to identify a partner who we felt understood our values and our vision and offered the platform, infrastructure and flexibility to support our focus on growth.”

Nathan Stibbs, Triad’s executive vice president and chief strategy officer, tells WealthManagement.com that one of the most appealing aspects of Pinnacle is its continued growth. The partnership was also “many years in the making,” he tells the web publication.

“It requires significant mutual due diligence,” Stibbs tells WealthManagement.com. “We wanted to make sure that we have the right alignment in place.”

LPL Financial, meanwhile, has had a lot of turnover in recent months, particularly following its acquisition of National Planning Holding’s assets last summer. LPL has been able to bring on over 70% of the assets as of the beginning of May, but many advice practices affiliated with the four broker-dealers on the NPH network have opted to affiliate with other firms.

By Alex Padalka
  • To read the Wealth Management article cited in this story, click here.