LPL Financial has recently added a three-advisor team to its unit, Linsco, which directly employs financial advisors. The team, consisting of advisors Raanan Pritzker, Brian Brenneman, and Neal Foushee, previously managed approximately $1 billion in advisory, brokerage, and retirement-plan assets at Fifth Third Private Bank. With this addition, LPL has successfully recruited its largest team in terms of assets and its first $1 billion team for Linsco.
Leading the team as managing director is Raanan Pritzker. The advisors have named their practice PB FAM Private Wealth and have chosen to join LPL's employee channel due to its offering of marketing and technology consulting services to advisors. They are particularly excited about utilizing LPL's advanced estate and tax planning resources, as well as its alternative investments platform.
"We value the open architecture that allows us to design portfolios and provide our clients with the level of service they expect and deserve," says Neal Foushee. "Moving to LPL is the best decision for both our clients and our team, and we are eager to welcome our clients to an environment where we can offer elevated levels of service and guidance."
As for Fifth Third Private Bank, a spokesperson declined to comment on the departure of the team.
Linsco, launched formally in August 2020, introduced a new approach for LPL Financial, the nation's largest independent broker-dealer. Linsco hires advisors as W-2 employees, deviating from the traditional independent business model where advisors work as 1099 independent contractors to brokerage firms.
Linsco Expands its Advisor and Asset Base
Linsco, a channel launched by LPL to attract advisors from large brokerage firms seeking more independence, has announced the hiring of the PB FAM team. This strategic move will further strengthen Linsco's advisor and asset counts.
Since its inception in 2021, Linsco has successfully recruited 48 teams, which collectively manage $11 billion in assets. These teams have chosen Linsco as their preferred platform due to its commitment to providing support and assistance for advisors looking to establish their own independent practices.
Among the recent additions to Linsco is Aaron Cizon, an advisor based in Greenville, S.C. Previously affiliated with Wells Fargo Advisors, Cizon brings with him a wealth of experience overseeing $175 million in assets. Another notable addition is the father-son duo, Michael and Wes Climer, who join Linsco from Wells Fargo. Together, they previously managed $280 million in assets. Both Cizon and the Climers have joined Linsco in September and are based in Charlotte, N.C.
It is important to note that LPL has not solely relied on external recruitment efforts to bolster Linsco. The company initially laid the foundation for this channel through the acquisition of Allen & Co., a hybrid registered investment advisor, back in 2019. At the time of acquisition, Allen & Co. had 33 advisors. Subsequently, LPL acquired another hybrid RIA, Boenning & Scattergood, in the past year and integrated it into Linsco. These two acquisitions alone have resulted in an additional $7 billion in assets under management for Linsco.
The expansion of Linsco's advisor and asset base highlights its commitment to providing a comprehensive platform for advisors seeking independence while minimizing the administrative burdens associated with setting up independent practices.