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LPL Nabs FA Practices From These Fierce Rivals

October 22, 2018

LPL Financial has poached wealth management practices from rivals Cetera and Cambridge Investment Research that collectively oversee $700 million.

Lebanon, Ky.-based Winebrenner Financial Services, which managed around $180 million as of the end of July, joins LPL from Cetera, according to a press release from LPL.

Founded by financial advisor David Winebrenner Jr. in 2001, the company offers financial planning primarily to business owners, farmers and manufacturing employees, LPL says.

“We chose LPL because its size and scale helps us keep costs low, so we can deliver additional value and choice to our clients,” Winebrenner says in the press release. “We are also very impressed with the technology. We believe the capabilities we now have access to can accelerate our growth.

Meanwhile, Cedar Rapids, Iowa-based Premier Investments of Iowa has joined LPL from Cambridge, according to WealthManagement.com.

The practice, led by president Jeff Johnston and vice president Brock Renner, join LPL’s broker-dealer and corporate registered investment advisor platforms, according to the web publication.

Premier’s eight advisors oversee $520 million, and Johnston says the firm is open to acquisitions in the future, according to WealthManagement.com.

“LPL was instrumental in helping us identify this potential, and they have the expertise and resources that can support us,” Johnston said in a statement cited by the web publication.

LPL has been actively recruiting advisors from rivals in recent months. Earlier in October, it poached a $275 million practice from rival Securities America.

In April, LPL offered a particularly lucrative deal to advisors coming from Securities America, Cetera and Kestra Financial.

But LPL also lost several advisors after it bought assets on the National Planning Holdings network from Jackson National Life last year. Many advisors have gone to competitors including Securities America, Commonwealth Financial Network, Woodbury Financial Services and FSC Securities.

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