LPL Draws $1B Northwestern Mutual Team to RIA Channel
LPL Financial has added a Seattle-based team formerly with Northwestern Mutual that had been overseeing about $1 billion in advisory, brokerage and retirement plan assets, the San Diego-based broker/dealer announced.
Prince Financial Services was founded by Julie Prince and Dave Burnett, who have both been with Northwestern Mutual for about 20 years, according to BrokerCheck. The team also includes partners Cade Mossman, Conner Gehring and David DeYoung, as well as a support staff of 10.
The firm spent nearly a year researching potential partners before selecting LPL, Mossman said in a statement.
“LPL stood out because of its continued investment in technology and its commitment to helping advisors operate at their highest level,” Mossman said. “We believe those capabilities will help us serve our clients more efficiently today while positioning our firm for continued growth and success in the years ahead.”
The new LPL team is focused on retirees, business owners, high-net-worth families and technology professionals across the Pacific Northwest, using a planning-first approach, according to the announcement.
At the end of July, LPL reported that recruited assets were $25 billion during the second quarter, up 35% from a year ago and about 47% sequentially. Since that time, the firm has added another $1.1 billion team to its RIA channel from Wells Fargo Advisors Financial Network, and two teams managing about $1 billion in combined assets from Northwestern Mutual.
LPL did not immediately respond to a request for comment on the total recruited assets to its RIA channel this year. It will report its third-quarter earnings on Oct. 27.
