A Georgia-based duo with about $215 million in advisory and brokerage assets is joining LPL Financial from Wells Fargo Advisors, the firm announced Monday.
Lynn Daughtry and Kyle Conger recently launched White Oak Investment Management after meeting at a conference. According to LPL, White Oak, formerly with Wells Fargo, works with retirees, families and individuals. Conger said that the move to LPL offered them more freedom and independence to provide the best choices to clients.
“That’s really what it all boils down to,” he said. “And on top of that, LPL has wonderful, integrated technology and a sophisticated wealth management platform that will help us elevate our business and enhance the client experience.”
Both advisors are active in their Thomasville, Ga., community; Conger coaches youth sports while serving on the board for a Christian radio station, while Daughtry teaches Sunday school and sings in the choir. In welcoming the team to LPL, Rich Steinmeier, LPL’s managing director and divisional president, said he hoped the announcement was the start of a “long-lasting” partnership.
“It is important for financial advisors to create thoughtful business continuity plans, and we applaud the steps this team is taking to ensure continuous care for their clients,” he said.
Earlier this month, LPL purchased asset management firm and broker/dealer Waddell & Reed’s b/d business for $300 million from asset manager Macquarie after it had acquired W&R. The deal concerned 921 independent advisors with $63 billion in assets under administration. In an interview with WealthManagement.com about the deal, Steinmeier said LPL would try to retain those advisors with strong retention packages, as well as by allowing them to continue using the Waddell & Reed name and not requiring that they repaper.
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