A Texas firm with about $300 million in brokerage and advisory assets is joining LPL Financial.
Winston Wealth Advisors is joining LPL from Securities America, just days after LPL acquired JFC Financial Services, Securities America’s largest office of supervisory jurisdiction with more than $3 billion in managed assets.
Winston was founded 25 years ago by David B. Winston and currently operates out of offices in Dallas and Lubbock, Texas. The firm has four advisors, including Winston’s son Jacob. David Winston said he was drawn to LPL’s tech platform, with clients able to use one access point to review their accounts. Additionally, he was hoping for the firm's support in expanding by acquiring the books of business of retiring LPL advisors.
“The pool of prospects at LPL is huge as we make plans to grow in Texas,” he said.
As COVID-19 has continued to spread throughout the country, LPL has reconfigured its recruiting process to continue its expansion in an era of remote work and social distancing. Most in-person meetings have been put on hold, with LPL speaking with potential recruits through WebEx and Amazon Echo. However, Rich Steinmeier, LPL’s managing director and divisional president for business development, said some in-person meetings might take place if everyone was comfortable doing so.
The firm has also been able to re-create in-person visits to LPL home offices virtually, which was typically one of the final and most essential steps for a potential recruit.
“The truth is that so much of that visit is about information sharing, and getting to know the firm’s capabilities better so they can make the best decision possible,” Steinmeier said at the time. “We can still deliver the crux of that, and we can do that without them traveling to our facilities.”