A Florida-based firm led by two siblings will join LPL Financial’s broker/dealer and RIA platforms, the independent broker/dealer announced today.
Ed Bell III and Gretchen Collins head Cornerstone Financial Planning, which manages about $160 million in brokerage and advisory assets. They’ll be joining LPL from Securities Service Network, which is a part of Advisor Group. According to Bell, the firm was attracted by LPL’s tech offerings, as well as its status as a fully-established, publicly-traded firm. This could help the business smoothly transition in the event of new ownership.
“With this decision, we believe our clients will benefit from greater transparency and more choice, with LPL offering improvements in platform costs, cash management, and expanded mutual fund and stock research capabilities,” Bell said. “With LPL’s self-clearing capabilities, trading and operations are in a single location so we’re able to eliminate third parties, further reducing costs.”
The firm, which is located in Fort Myers, Fla., was founded by Bell with his late father in 2001. Collins worked in the wirehouse world before going independent and joining her brother at the firm in 2017. Their business consists of comprehensive financial planning with an emphasis on tax planning for their client base of primarily high-net-worth retirees.
According to Bell, the firm was also attracted by LPL’s use of DocuSign, which helps clients electronically sign documentation.
“In light of what’s happening in this COVID-19 era, DocuSign will greatly benefit our clients who may be more comfortable singing documents from their own home,” Bell said.
The move is the latest transition to LPL that has occurred in the wake of Advisor Group’s acquisition of Ladenburg Thalmann earlier this year. Securities Service Network was originally a separate b/d under Ladenburg Thalmann, but Advisor Group has announced that it will be folded into Securities America (one of Ladenburg Thalmann’s b/ds) by the end of this year.
In early May, JFC Financial, which had been Securities America’s largest office of supervisory jurisdiction with about $3 billion in assets, moved to LPL Financial. Days afterward, Winston Wealth Partners, a Texas-based firm with about $300 billion in brokerage and advisory assets, joined LPL from Securities America. In June, Nicklas Financial, a Jefferson City, Mo.-based firm with about $400 million in managed assets made the same move.