Securities America has added two advisor groups collectively overseeing $3.5 billion, the company says in a press release. Both groups join the subsidiary of Ladenburg Thalmann Financial Services Inc. from National Planning Holdings, whose assets LPL Financial bought last year, according to WealthManagement.com.
Bay View Capital Advisory Group, a “super” office of supervisory jurisdiction, has 35 advisors on the East Coast overseeing $2 billion, according to the press release. And the Denver-based Super OSJ, First Financial Strategies, co-managed by Brenda Wille-Cope and Gary Stirk has more than 30 advisors in Colorado, Arizona, Washington and New York overseeing $1.5 billion, Securities America says.
At the end of the fourth quarter, Securities America picked up 14 independent advice practices collectively overseeing $2 billion — all but one of which were previously affiliated with NPH.
LPL bought NPH’s assets from Jackson National Life for $325 million in August and has brought on dozens of mid-tier and large practices, but several advisors have opted to go to other firms such as Securities America, Woodbury Financial Services, Commonwealth Financial and FSC Securities.
Other competitors, including Cetera Financial Group and Advisor Group, are also benefiting from LPL’s purchase of NPH’s assets, according to InvestmentNews. Out of 800 advisors who joined Cetera last year, about a quarter came from NPH firms, Cetera CEO Robert Moore, who’s a former president of LPL, tells the publication. Jamie Price, CEO of Advisor Group, tells InvestmentNews his firm received a “significant boost” in the fourth quarter as a result of LPL’s purchase of NPH.