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LPL Scores Another Win in Battle Against Cetera

By Alex Padalka November 8, 2018

LPL Financial and rival Cetera Financial Group keep carrying on an aggressive campaign for each other’s advisors, with LPL scoring the latest win.

Richmond, Va.-based Infinity Financial Partners joins LPL’s broker-dealer and corporate platform from Cetera, according to a press release from LPL.

Founded in 2000 by Ronnie Poindexter and Philip Heesen Jr., Infinity also includes financial advisors Alex Robinson, Robert Kellis Jr., Dustin Newton, Robert Wheatley, Tyler Dove and Ben Dychala, LPL says.

The advisors manage around $365 million, according to the press release. The team was drawn to LPL’s self-clearing capabilities in particular, Poindexter says in the press release.

LPL and Cetera have been going after each other’s advisors for several months now, particularly since LPL offered an especially lucrative deal specifically aimed at advisors from Cetera as well as Securities America and Kestra Financial in April.

Last month LPL poached an Illinois practice that oversees $3.7 billion and a Kentucky practice managing $180 million.

Earlier the same month, Cetera brought on several advisors collectively overseeing $650 million, including two advisors from LPL.