Bridgeworth Financial said that it left Lincoln Financial Advisors to form its own independent practice affiliated with LPL.
Last year, the 16 advisers at Bridgeworth had an annual production of about US$5.2 million.
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Commenting on the recent development, Bill Morrissey, LPL’s executive vice president of business development said "We’re seeing a growing flight to quality happening in the independent channel. Not just large individual advisers, but also groups of advisers like Bridgeworth are looking to make a change."
Further, Bridgeworth had also recently merged with PinOak Advisors, an independent financial advisory practice. The deal added advisers Jeris Burns and David LeCompte, as well as senior investment strategist Pete McCarn to the firm. Burns and LeCompte joined LPL via Bridgeworth.
The addition of Bridgeworth to LPL follows LPL’s recent announced about its partnership with Advantage Financial Group, a Cedar Rapids, Iowa-based partnership of advisers that manages about US$2 billion in client assets.
For the second quarter 2012, LPL had generated US$908 million in revenue from brokers overseeing US$353 billion in client assets.
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