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LPL Loses $1.7 billion RIA Firm to Rival

By Garrett Keyes June 6, 2018

RFG Advisory has left the LPL Financial advisor network to join Private Client Services, taking with it 38 subsidiary independent advisors and their clients, who have $1.7 billion in assets under advisement, according to a spokeswoman for the company.

Bobby White, founder and CEO of RFG Advisory, says in a press release the decision was made following an 18-month process RFG underwent to redefine its pricing model, introduce a state of the art technology platform, and build an institutional investment team. Leaving for PCS will let RFG streamline both client and operational support systems, White says. RFG will also be able to better serve its clients and grow its business as the advisory world changes, the release adds.

The move adds to LPL’s current loss of advisors as Pinnacle Private Wealth, which advises $750 million in client assets, recently left for Triad Advisors. Pinnacle says it left LPL because Triad better understood its values and supports its continued growth, Daniel Cotton, Pinnacle's managing partner, said at the time.

Meanwhile, the founders of Hewins Financial Advisors have left the firm to launch Team Hewins. Led by CEO Roger Hewins and COO Martha Post, the firm will initially serve 350 clients and have $1.8 billion assets under advisement, according to a press release.

The firm will continue serving high net worth individuals and families while increasing its clientele of small businesses, Roger Hewins says. Team Hewins is “excited to take fiduciary planning to the next level,” he says.

Among other industry moves, Six Wealth Advisors has opted to join Hilliard Lyons in its Asheville, N.C. branch, bringing $390 million dollars in client assets under advisement with them, according to a press release. Rebranding itself as Looking Glass Wealth Advisors, Sam Hershberger, vice president and regional director at Hilliard Lyons, says the group will help to build Hilliard’s presence and visibility in the Carolinas. Looking Glass Wealth will be split into two teams, each composed of three wealth advisors and one client service associate.