LPL Financial Acquires $700 Million Advisor Team from Wedbush Securities

LPL Financial has recruited a team of financial advisors from Wedbush Securities, including Lynn Houston, Matthew Houston, Ross Stripling, and six others, who collectively oversee $700 million in client assets. The team, called Skyward Financial, is based in Houston and was founded by Lynn Houston and his son Matthew.

LPL Financial LLC announced the addition of Skyward Financial, a Houston-based team of financial advisors, to its broker-dealer and Registered Investment Advisor (RIA) platform. Skyward Financial, led by Matthew Houston, Lynn Houston, and Ross Stripling, brings approximately $700 million in advisory, brokerage, and retirement plan assets under management to LPL.

The team of six advisors, which includes Carlie Clayton, Jerry Axelrod, Lisa Marcelli, Mike Hamilton, Valencia Linton, and Steven Phan, joins LPL from Wedbush Securities. With over 200 years of combined experience, Skyward Financial focuses on collaborative financial planning, primarily serving business owners and retirees, and is looking to expand its services to college athletes.

The move to LPL was driven by a desire for improved service and technology. Skyward Financial sought a more robust technology platform to better meet the needs of their clients, particularly their younger clients. "The standout benefit for us was LPL’s robust technology," said Matthew Houston. "As a historically regional firm, we realized our technology couldn’t keep up, and our younger clients were seeking something that better suited their needs."

LPL's Managing Director, Scott Posner, welcomed the Skyward Financial team and emphasized LPL's commitment to providing the necessary tools and resources to enhance client experiences. "We welcome the Skyward Financial team to LPL," Posner said. "As their partner, we are committed to delivering innovative technology, integrated platforms, and strategic resources to help them seamlessly run their practice and provide an elevated client experience."

Skyward Financial's addition to LPL's network is expected to enhance the firm's advisor network and asset base. The team's diverse client base, including business owners and athletes, may attract similar clientele to LPL, fostering growth opportunities. With over 200 years of combined experience, the new advisory team bolsters LPL's reputation for expertise and enhances its market position in financial advisory services.

However, the transition may also raise concerns about LPL's existing technology and risk management processes. The emphasis on enhanced technology and service experiences suggests that LPL's current offerings may not have fully met client needs. Additionally, the potential for issues associated with high-profile clients, such as Major League Baseball players, could raise questions about LPL's risk management and compliance processes.

References:
[1] https://www.quiverquant.com/news/Skyward+Financial+Advisors+Transition+to+LPL+Financial%2C+Bringing+%24700+Million+in+Assets+Under+Management