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LPL Nabs $140 Million Practice from Advisor Group

By Alex Padalka May 17, 2019

A wealth management practice has left an Advisor Group firm for LPL Financial, LPL says.

Bloomfield Hills, Mich.-based Michigan Retirement Advisors, led by president Steve Case, has joined LPL’s broker-dealer and corporate RIA platforms, according to a press release from the company.

The team also includes financial advisors Evan Pawloski and Adam Weiner, financial planner Ryan West, client manager Ashley Darga and specialist Pam Jankowski, LPL says. The group previously oversaw $140 million at FSC Securities Corporation, part of Advisor Group, according to the press release.

“I found that LPL offers extensive support for advisors serving retirement plans, including having consultants to work with who are focused on this area of the business and a wide range of resources that I can use to help my clients work toward their retirement goals,” Case says in the press release. “We also have the capability to support clients with wealth management services, too, making it possible to serve the scope of needs our clients have.”

Earlier this month, it was Advisor Group’s turn, when three teams of advisors collectively overseeing $250 million jumped ship from LPL to FSC and Woodbury Financial Services, another firm on the Advisor Group network.

Overall, however, LPL has been steadily luring advisors from rivals since the start of the year, adding 80 advisors in the first quarter. This month, LPL poached an advisor from Cadaret Grant and a credit union-based investment program from CUSO Financial Services. In April, LPL picked up advisors from Morgan Stanley and Voya Financial but lost representatives to CUSO.