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LPL Nabs $275M Practice from Another Key Rival

By Alex Padalka October 11, 2018

The battle for advisors between LPL Financial and Securities America rages on, with LPL luring a $275 million advice practice in Colorado that was previously affiliated with its rival.

JBA Wealth Management Group, founded in 1984 by Dan Johnson, has two offices in Fort Collins and Scotts Bluff, Colo., and serves a range of clients from young families to retirees, as well as federal employees, according to a press release from LPL.

In addition to Johnson, JBA has seven advisors: Melissa Dixon, Tami Eberhardt, Barb Bruen, Matt Dixon, Darin Luze, Ron Platz and Denny Finken, LPL says. Some of the advisors were in fact clients before joining the firm, according to the press release. JBA plans to add more advisors and expand services for clients looking for socially responsible investing, LPL says.

“We liked that LPL is solely focused on supporting advisors. We saw right away that they are really hands on,” Dixon says in the press release. “The technology was another big factor in our decision.”

The steady flow of advisors between LPL and Securities America goes back over a year now, when LPL bought the assets on the National Planning Holdings network from Jackson National Life. Many firms opted to leave LPL at that time. Securities America — along with Commonwealth Financial Network, Woodbury Financial Services and FSC Securities — was one of the top recipients of those LPL departures.

LPL, meanwhile, struck back this April, offering a sweetened deal — in the form of 50 basis points on assets — to advisors joining its RIA from Securities America, Cetera Financial and Kestra Financial.

It’s unclear from the press release whether JBA was able to take advantage of that offer.