![]() ![]() “Over the years, however, as the economic and regulatory dynamics around operating an RIA have grown more complex, I have found myself devoting more hours in the day to running the business, rather than serving our clients. “Since I started Retirement Planning Specialists in 2011, my attention has centered squarely on building trust with my clients and helping them live the lives they aspire to in retirement through solid preparation and planning,” Sarappo said in a statement. In addition to dropping its own RIA for LaSalle St.’s advisory entity, the practice is leaving its prior broker-dealer, APW Capital, for that of LaSalle St. Led by 33-year industry veteran advisor Joe Sarappo, the practice manages $200 million in client assets. “We are excited to be working with LPL and to leverage its economies of scale and innovative technology, which is an essential component of our customized brokerage, advisory and insurance solutions.”Ī Philadelphia-area practice called Retirement Planning Specialists is dropping its RIA to use the corporate platform offered by midsize wealth manager LaSalle St. ![]() “This agreement represents a significant milestone for M&T Bank in its mission to bridge the key gaps in consumers’ financial planning and help fulfill their important life goals,” Matt McAfee, the firm’s head of affluent markets, said in a statement. The firms moved $8 billion in brokerage assets and $3 billion in advisory AUM on June 12, with plans to onboard the remaining $8 billion during the next several months. ![]() At $22 billion in client assets and 210 registered representatives moving into LPL’s Institution Services platform, M&T Bank’s retail brokerage and advisory unit surpasses even the massive group of 170 reps and $20 billion first announced by LPL last year. ![]() “We’re thrilled to have so quickly delivered these new client solutions, especially in a marketplace that still struggles to understand the new status quo.”Ĭompleting what is likely going to be the largest move in the independent broker-dealer channel by far in 2020, LPL Financial migrated the assets and advisors of M&T Bank’s wealth management arm to its BD, RIA and custodial services. “We founded our administrative outsourcing practice to help clients manage the rapid retirement industry changes brought on by legislative and COVID impacts,” Mike Duckett, Lockton’s director of outsourced administrative responsibilities, said in a statement. With the Lockton arm serving as the 3(38) fiduciary and Principal acting as pooled plan provider, the strategic partnership has lined up “dozens” of employers with between $10 million and $300 million in assets under management that have either “adopted the plan or are looking to do so,” according to the firms. “We were very impressed with the breadth of resources we and our clients would be able to access, as well as the culture,” Wade said of their new employer.Īfter the 2019 Secure Act created pooled employer plans, a 401(k) vehicle enabling participants from different companies to join the same plan, financial services giants Principal Financial Group and Lockton Investment Advisors collaborated on a PEP called the (k)Praetorian Retirement Plan. The duo managed $211 million in client assets with their prior firm, and Wade is branch manager of Stifel’s second office in the Nashville area. “Pam and Marc are held in high regard for the relationships they have built with their clients while guiding them toward their financial goals.”Īdditionally, Stifel launched a new branch in Brentwood, Tennessee, under former Merrill Lynch financial advisors Bill Wade and Reid Berry. “We are excited to be reunited with former colleagues Pam Shulack-Smith and Marc Parson, with whom we have a long working and personal relationship,” Branch Manager Rita Mahn said in a statement. The two advisors managed a combined $157 million in their respective practices with their prior firm. Ex-Wells Fargo Advisors brokers Pam Shulack-Smith and Marc Parson left the wirehouse for Stifel Financial in Festus, Missouri. ![]()
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