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Securities America Picks Up Second OSJ from LPL in as Many Weeks

Elite Financial Network, a super OSJ with $744 million in client assets, is coming over from National Planning Corporation.

LPL Financial has lost another National Planning Corporation team. Elite Financial Network, a super office of supervisory jurisdiction and hybrid registered investment advisory with 35 advisors and $744 million in client assets, has left National Planning Corporation, the largest broker/dealer of National Planning Holdings, in the wake of the firm’s acquisition by LPL. The team has joined Securities America.

This is Securities America’s second OSJ recruit from LPL in as many weeks. On Oct. 19, Priority Financial Group, a super OSJ with 25 advisors and $1.35 billion in client assets, left LPL Financial to join the firm.

“There’s been heightened talk in the broader Super-OSJ community in recent months about LPL seeking to revise the economics of the deals they have in place with their large enterprises, and in ways that aren’t favorable to these groups,” said Jeff Nash, CEO of Bridgemark Strategies, a third-party advisor transitions and M&A consulting firm.

“Also, many of these groups believe there’s been a clear shift on LPL’s part to prioritize bringing in advisor recruits directly under the home office, rather than help bring these recruits into their Super-OSJ affiliates, which has certainly been done more aggressively by LPL in the past.”

Several big teams have jumped ship from NPH since the acquisition. Last week, 10 teams with a total of $2 billion in client assets left NPC, for San Diego, Calif.-based Independent Financial Group.

Green Bay, Wisc.-based Tenacity Advisory Group, with $2 billion in client assets and 52 advisors, recently left SII Investments, one of NPH’s b/ds, to join Woodbury Financial Services. Fond du Lac, Wis.-based Feucht Financial Group, an advisory with more than $430 million in client assets, also joined Woodbury after 16 years with NPC.

Key Group Management, a registered investment advisory with more than $350 million in total client assets, departed NPC to join Royal Alliance, one of Advisor Group’s b/ds.

Commonwealth Financial Network also announced it had recruited Spring Ridge Financial Group, a former NPC team, bringing with them more than $650 million in assets.  

"Moving to a new firm can be stressful, but Securities America’s honesty and communication have been strengths during the transition process,” said Dan Cairo, president of Elite Financial Network. “They combine this approach with an extremely well-resourced transition support team. That made the move as seamless as possible.”

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