An Orland, Park, Ill.–based advisory team with about $285 million in client assets has joined Financial Resources Group Investment Services, a branch office of LPL Financial in Fort Mill, S.C., that works with about 800 advisors and 85 banks and credit unions across the country. The team, which will rebrand as Harbor Lighthouse Wealth Management, moves from LaSalle St. Securities.
This is the first large win for Financial Resources Group since LPL announced plans to buy the branch office in November. That deal will mark the first time LPL has purchased one of its own branches.
Rich Steinmeier, a managing director and divisional president of business development at LPL, said the deal “provides a foundation” to speed expansion on growth in the financial institution space. Financial Resources Group will keep its brand and leadership team after the acquisition, which is expected to close early next year.
The Harbor Lighthouse team includes financial advisors David Rimkus, Donald Sharko and Thomas Phelan. Rimkus founded the firm in 1997 after a 10-year career in banking and has since transitioned it from a primarily transactional business to a comprehensive wealth management firm.
Rimkus said they decided to move to LPL and FRG to help the team with its marketing efforts, especially the rebrand, and plan for the future.
“We look forward to building out our website and having a social media presence, in addition to more regular touchpoints with clients throughout the year,” Rimkus said in a statement. “We also enjoy the integrated tools created by LPL that will free up our time, allowing us to more efficiently manage our clients’ needs and goals. We look forward to working closely with Financial Resources Group, which offers an additional layer of support and more localized resources.”
The team also plans on utilizing LPL’s solutions to help with succession planning.
“We felt more comfortable with the strength of LPL and its large presence in Illinois,” Rimkus said in a statement. “We know we’ll be able to bring other advisors into our firm to ensure business continuity. We are committed to fostering relationships with our clients’ children and grandchildren as they build generational wealth.”