LPL Financial said it has added two teams in Southeastern Michigan—Northville-based Baldwin Capital Management and Clarkston-based Langdon Capital Management, with a combined $350 million in client assets. They join from Voya Financial.
Baldwin Capital Management and Langdon Capital Management are run by partners Scott Baldwin and Bill Langdon. One reason they were attracted to LPL was the firm’s lack of proprietary products.
“We appreciate that LPL does not push proprietary products; they only push for the success of their advisors and clients,” Baldwin said.
Langdon said the advisors also liked that LPL was self-clearing, which they believe will make transactions smoother for clients.
Cetera also announced a new recruit; Nestlehut Financial Services, a Chicago-based team with about $275 million in assets, joins Cetera Advisors from Securities Service Network, one of the broker/dealers that was recently folded into Securities America as a result of Advisor Group’s acquisition of Ladenburg Thalmann.
Thomas Nestlehut, principal of the firm and financial advisor, said his move was motivated by cost savings and more robust technology for his clients.
“Platforms like Cetera's AdviceWorks create an environment for efficiency in managing our clients' money and an enhanced digital experience for investors which is key in today's virtual business environment,” Nestlehut said in a statement.
Nestlehut brings along advisors Adam J. Beierle and Michael D. Kordas, and associate staff Margaret Cinotti, Peggy Pienta, Cathy Beck, Emily Myers, Jennifer Justin-Pierson and Candice Purdy.