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LPL Notches Yet Another Win Against Cetera

By Alex Padalka December 13, 2018

LPL Financial’s aggressive targeting of advisors at arch-rival Cetera Advisor Network continues without letting up. In its most recent move, LPL has lured back a team of financial advisors it had lost to Cetera seven years ago.

Founded by John Marshall in 1973, Lake Havasu City, Ariz.-based John Marshall & Associates Investment Center now also includes financial advisors Daniel Sickles and Sean Goldney, according to a press release from LPL.

The advisors oversaw $185 million at Cetera, LPL says. All three had come to Cetera in 2011, after just two years with LPL, according to BrokerCheck.

With the move to LPL, Marshall will retire, selling his stake to LPL financial advisor Heath Haynes, who will join Sickles and Goldney in the practice, according to the press release. Haynes, an independent advisor and founder of Haynes Investment Management, has been affiliated with LPL for eight years, LPL says.

Marshall attributes his decision to move to LPL in large part to the company’s succession resources and support, according to the press release.

“After 51 years it’s time for me to retire,” Marshall says in the press release. “LPL’s size and dedication to investing in their integrated platform made our choice to join a simple one. By being able to use the resources and technology that LPL offers, the team has the potential to better manage daily operations, build comprehensive plans and increase value in the relationships we have with our clients.”

Earlier this year, LPL began offering a particularly lucrative bonus to advisors coming from Cetera as well as Securities America and Kestra Financial.

Cetera has tried to retaliate but with little success as of late. Since the start of October, LPL poached several Cetera advisors collectively managing at least $4 billion while losing only two advisors to Cetera, whose assets under management Cetera didn’t disclose at the time.

However, Cetera did manage to recruit an LPL executive in November who oversaw close to 100 advisors collectively managing more than $3 billion.