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$300 Million Advice Team Leaves Cetera … Here’s Why

By Garrett Keyes September 28, 2018

LPL Financial has been luring a number of advisors to its broker-dealer platform, and recently it added Multop Financial, a $300 million team from Cetera. Composed of three advisors, three certified public accountants, and six support staff, Multop was founded in 1976 and is based in Bellingham, Wash. Speaking to FA-IQ, Multop founder and senior executive planner Phillip Multop explains the firm’s decision to switch broker-dealer platforms.

Q: What spurred the decision to move broker-dealers from Cetera?

A: Our decision to move to LPL Financial was guided by our commitment to our clients. Although we were successful with our former broker-dealer, Cetera, we believed the time had come to partner with a larger, proven leader such as LPL. As the financial industry continues to grow and change with time, along with the many variables in the economic climate of today, partnering with a steadfast and proven leader such as LPL enables us to support our clients with a long-term opportunity and a solid footing.

Q: Were there any specific differences that drew you to LPL instead of staying with Cetera?

A: LPL Financial has a proven track record with technology advancements, something a relatively small firm like ours can appreciate. Additionally, receiving back office support will allow us to focus additional attention on our clients and provide more face-to-face time with them. With regards to the junior level professionals on our team, LPL offers vast opportunities for networking, succession planning and advancement within the industry.

Q: Were any other broker-dealers considered in the move?

A: As a business owner since 1976 and a 40-year veteran in this industry, I continually keep my eye on what’s happening in the industry – due diligence is ongoing. The broker-dealer change is a serious matter for an independent firm and a major undertaking, so the decision was well-researched and highly considered, to be sure.

Q: What does Multop Financial have planned for the future and how does joining LPL’s broker-dealer platform affect those future plans?

A: Our team of three full time financial advisors on the wealth management side and three other CPAs with master’s degrees in taxation within the tax planning business are continually looking to grow and further educate ourselves in this ever-changing and growing business. We are excited to see what opportunities arise in the future with the firm and our new relationship with LPL Financial. Our decision to move to LPL was made with the future in mind – knowing what we want our platform to look like moving forward. We always keep in mind what our clients have come to expect and how we can continue to meet those expectations; it’s exciting to have the nation’s largest independent broker-dealer behind us.

*The interview has been edited for brevity and clarity.*