LPL Financial says it signed an agreement to acquire a San Diego-based wealth management practice.

Lucia Securities, a broker-dealer and RIA, has around 20 advisors overseeing $1.5 billion for individuals, wealthy families and business owners, according to a press release from LPL.

The deal is structured as an asset purchase agreement that includes both a payment at closing and potential contingent payments, LPL says. The company estimates a transaction multiple of around six times post-synergy Ebitda, according to the press release. The deal is expected to close in the second half of 2020, LPL says.

“I believe our wealth management platform, enhanced with LPL’s culture, technology and capabilities, provides the ideal environment for our financial advisors to exceed clients’ expectations. I look forward to a successful long-term partnership,” Ray Lucia Jr., CEO of Lucia Securities, says in the press release.

LPL has been staying busy during the coronavirus pandemic growing its advisor ranks. Earlier this month, it added a practice to its new affiliation model aimed at advisors at wirehouses and other employee channels. In April, LPL also poached a financial advisor from Avantax Wealth Management, which is a Blucora wealth management practice, as well as a wealth management practice from Securities America, an Advisor Group broker-dealer firm, and another advisor from Cetera Advisor Networks.

But LPL has also discontinued all business travel while extending home office hours to support advisors, and restricted access to its office locations.

Wells Fargo says it hired an industry veteran for a newly-created role aimed at unifying the firm’s operations.

Lester Owens will join the company in late July as its new head of operations, according to a press release from Wells Fargo. He will be tasked with overseeing the development of “a more unified, more integrated approach to Wells Fargo’s business operations functions,” the company says. Owens will report to chief operating officer Scott Powell and will also sit on Wells Fargo’s operating committee, according to the press release.

Owens comes to Wells Fargo from Bank of New York Mellon, where he served as global head of operations overseeing 20,000 employees, Wells Fargo says. Prior to BNY Mellon, Owens held several roles at JPMorgan Chase as well as Deutsche Bank, Citibank and Bankers Trust, according to the press release.

“Lester is a highly-regarded operations executive with more than 30 years of experience in the financial services industry and a passion for excellence, customer experience, efficiency, and transformation,” Powell says in the press release. “While everyone at Wells Fargo shares the responsibility for operational excellence, Lester’s team will enable us to deliver the best experience possible for our customers while driving consistent execution across our business operations functions, including contact center operations, client servicing support, money movements within our businesses, lending operations, and other functions.

BNY Mellon also lost its chairman and CEO to Wells Fargo last year: Charles Scharf joined Wells Fargo in October, taking over from Allen Parker, Wells Fargo’s interim CEO and president since March.

Parker had taken over as interim CEO in March after the departure of Tim Sloan, who left the firm during government investigations into the company’s various businesses prompted by 2016 revelations that thousands of Wells Fargo retail bank employees opened millions of bogus accounts.

In addition, Wells Fargo board chairwoman Elizabeth Duke and board member James Quigley resigned their posts in March — three days before they were to appear before the House Financial Services Committee.

Summit Financial says it hired away an experienced executive from Dynasty Financial Partners.

Ed Friedman joins Summit’s executive team as head of business development and growth, according to a press release from the company. Friedman will be tasked with leading the growth of SummitVantage, Summit Financial’s suite of services, growth support and technology solutions provided by in-house professionals in financial planning, investment management, advisor lending services, operations and more, the company says. He will report to Summit Financial CEO Stan Gregor, according to the press release.

Before joining Summit Financial, Friedman was with Dynasty for close to six years, most recently as national director of practice management, Summit Financial says. He also led Dynasty’s Enterprise Group, which caters to $1 billion-plus RIAs, according to the press release.

Before Dynasty, Friedman had been one of the founding managers at Hightower Advisors, Summit Financial says. He also worked at Morgan Stanley for close to 22 years in various roles, including as a financial advisor, branch manager and national director of the wealth advisor program, according to the press release.

“I have spent years helping shape the independent wealth management industry and have seen a lot of support models come and go,” Friedman says in the press release. “I firmly believe Summit Financial’s SummitVantage offering leads in its structure and value proposition for advisors looking to thrive long term. Summit has a nearly 40-year history of independence and putting client and advisor needs first. That is a rare commodity in this industry, and made this an easy decision.”

Summit Financial says it “experienced sustained and strategic growth” since Merchant Investment Management took a stake in the company in August 2019.