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LPL Poaches Another Cetera Team

The Financial Planning Department, an all-women team with $180 million in assets, is the second Cetera team to jump to LPL in as many weeks.

LPL Financial has recruited Cetera’s Financial Planning Department, an all-women team, based in Long Beach, Calif., with about $180 million in client assets, to its broker/dealer and corporate registered investment advisor platforms.

This is the second Cetera Financial team to jump to LPL in as many weeks. Last week, Bellingham, Wash.-based Multop Financial, with about $300 million in assets, went to LPL from Cetera.

Earlier this year, reported that LPL was offering an enhanced recruitment deal for advisors who join from rival independent broker/dealers, including Cetera. Under the deal, advisors would receive 50 basis points on assets if they join the firm’s corporate RIA and 40 basis points on assets to join hybrid offices of supervisory jurisdiction. The incentives are in the form of forgivable notes. Advisors from these firms who join LPL’s corporate RIA also get a 93 percent payout for 5 years as a further enticement. 

The Financial Planning Department team includes founder Kathleen Hansen, Heather Hackett, Amanda Reams and Amber Reams. The firm specializes in serving widows.  

“It’s important for women to create a financial plan,” Hansen said. “We are able to relate with our clients and provide a perspective and experience that can support their unique needs.”

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TAGS: Industry
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