Financial advisors from the Spokane Valley, Wash.-based PacNorth Retirement Group will join LPL Financial’s broker/dealer and RIA platform. Combined, the group’s advisors manage about $1.1 billion of brokerage, advisory and retirement plan assets. PacNorth joins from Raymond James Financial Services, the firm's independent contractor channel.
PacNorth Retirement Group was formed in the 1970s through the combination of two practices, RDH Investments and Borders, White & Tait. R.C. Roland, an advisor with PacNorth, stressed that LPL’s integrated platform was an impetus for the partnership.
“With a large retirement plan business serving hundreds of individuals and dozens of companies, we were looking for a partner that could provide the tools and resources to operate more efficiently,” Roland said. “Transitioning to retirement is a major milestone for all Americans, and it can be overwhelming for clients. We work closely with our clients to design a plan that is tailored to their unique financial goals.”
This year, LPL has recruited several large firms, including Wall, N.J.-based Intellectual Capital Group, which had $800 million in assets under management and transferred to LPL from Ameriprise Financial. Several months after LPL announced plans to launch a fee-only offering for RIAs, the firm recruited a fee-only advisor from Northern Trust Wealth Management who managed $1.1 billion in client assets. Additionally, Salter Financial Group rejoined LPL Financial after five years at Cetera Financial last week, citing a change in culture and improved tech offerings as reasons for the return.