LPL Recruits $1 Billion Advisor Team From Osaic

LPL Financial, a leading wealth management firm, has bolstered its advisor roster by recruiting the Equity Design Group, a high-net-worth client-focused team managing $520 million in assets. This strategic move comes amidst Osaic's consolidation and acquisition efforts, further solidifying LPL's competitive position in the wealth management industry.

The Equity Design Group, led by co-founders Jason Hohenstein, Kevin Snow, and William Zoromski, has been serving clients since 1997. The team's expertise lies in "life-integrated financial planning," which focuses on understanding clients' entire financial picture and helping them meet their fiscal goals and objectives. This approach resonates well with LPL Financial's advisor-centered model, which emphasizes personalized guidance from financial advisors who know their clients best.



The decision to join LPL Financial was driven by several factors, including the firm's financial strength, public ownership, and advanced technology platform. Hohenstein, one of the co-founders, cited LPL's transparency and clear direction as key attractions. The Equity Design Group was also drawn to LPL's business solutions, which offer advisors the opportunity to outsource various services for a monthly subscription fee, allowing them to focus more on client relationships and financial planning.

LPL Financial's recruitment of the Equity Design Group has several strategic advantages, including:

1. Increased Assets Under Management (AUM): The addition of the Equity Design Group's $520 million in assets contributes to LPL's overall AUM, driving revenue growth and improved financial performance.
2. Diversification of Client Base: Attracting high-net-worth clients helps LPL diversify its client base, reducing reliance on smaller, less affluent clients and making its revenue stream more stable and resilient to market fluctuations.
3. Enhanced Reputation and Brand Recognition: The Equity Design Group's reputation and expertise in life-integrated financial planning can enhance LPL's brand and reputation in the high-net-worth segment, attracting more affluent clients and helping LPL compete with other wealth management firms targeting this segment.
4. Access to New Markets and Geographies: By adding the Equity Design Group, LPL gains a presence in Wausau, Wisconsin, expanding its geographic footprint and opening up new markets and opportunities for growth.
5. Innovation and Technology Adoption: The Equity Design Group's attraction to LPL's technology platform and business solutions can drive innovation and adoption of new technologies within LPL, helping it stay competitive and improve its offerings.
6. Potential for Cross-selling and Upselling: High-net-worth clients often have complex financial needs, presenting opportunities for LPL to cross-sell and upsell additional services and products, leading to increased revenue and client satisfaction.
7. Talent Acquisition and Retention: Attracting successful advisors like the Equity Design Group can help LPL retain top talent and attract more high-quality advisors, further strengthening its market position.

In conclusion, LPL Financial's recruitment of the Equity Design Group from Osaic is a strategic move that enhances its competitive position in the wealth management industry. By leveraging the Equity Design Group's expertise in life-integrated financial planning and LPL's advisor-centered model, both parties can enhance client services and advisor satisfaction, driving future growth and market position.