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LPL Nabs Bank-Based Advisors from Raymond James

By Alex Padalka January 15, 2019

A bank-based investment management program in Wisconsin has affiliated with LPL Financial, the company says.

Baraboo State Bank’s Third Oak Investment Services has joined LPL’s broker-dealer and corporate RIA platforms, according to a press release from LPL.

Third Oak, which oversees around $200 million in brokerage and advisory assets, was previously affiliated with Raymond James, LPL says. The Baraboo, Wis.-based bank has four advisors offering wealth management services: Pete Welsh, Lisa McClyman, Laura Stanek and Jennifer Kinzler, according to the press release.

“Our clients will have an opportunity to access additional services with the resources, tools and integrated platform that LPL Financial provides,” Corey Davis, the bank’s president and CEO, says in the press release. “We needed a strong partner to help us support our mission. This relationship expands our ability to serve current and new clients, giving us the ability to help impact the financial lives of those in our community.”

LPL has lured several wealth management practices from rivals in recent weeks. Earlier in January, it added a $360 million team from Wells Fargo Advisors Financial Network.

And at the start of the year, LPL poached a credit union’s wealth management business from CUSO Financial Services.

Nonetheless, last week LPL lost a retirement plan-focused advice firm overseeing more than $10 billion in assets under administration to Triad Advisors and Resources Investment Advisors.