Welcome to Financial Advisor IQ

LPL Wins $330 Million Team from Lincoln Financial

By Garrett Keyes June 15, 2018

Flood Financial Services, which advises on $330 million in client assets as of June 1, has joined LPL Financial's broker/dealer and RIA platforms, an LPL press release reveals. Richard Flood, partner at Flood Financial, says the advice firm chose to exit Lincoln Financial because the service platform used at LPL is “much better.” Flood considered three other firms besides LPL as new homes in their selection process, he says.

Joining LPL will let Flood Financial take advantage of the firm’s scale and stability to enhance its client service, Flood says in the release. LPL’s support of succession planning and acquisitions, which Flood will use to grow its business, also factored into the departure, according to the release.

Lincoln Financial declined to comment.

LPL has recently been in the news for the loss of RFG Advisory and its 38 subsidiary independent advisors, with $1.7 billion under advisement, to its rival Private Client Services. RFG chose to leave LPL after an 18-month review was conducted to change RFG’s pricing model, introduce a new technology platform, and build an institutional investment team, Bobby White, founder and CEO of RFG, says.

Prior to the RFG departure, LPL also lost Pinnacle Private Wealth to Triad Advisors. Pinnacle advises on $750 million in client assets and left because Triad can support its growth and understands its values better, Daniel Cotton, managing partner of Pinnacle, says.