People Moves
Genesis Wealth Management Brings Over Seven-Advisor Team
The move highlights how LPL's broker-dealer and investment advisor platforms continue to acquire more wealth management muscle.
LPL Financial says seven advisors have joined its affiliated firm Genesis Wealth Management, taking the total at the latter business to 12.
Genesis Wealth Management sits on LPL’s broker-dealer and corporate registered investment advisor (RIA) platforms. The advisors include Robert Harlan, John Lander, Heidi Malone, Youree McBride, Richard Poligala, Geraldo Reyes and Max Rodriguez. They join the business, which is based in San Antonio, and founded by Jereme Brisco in July 2016.
Existing managing partners are Michael Dubensky and Jon Thompson; other advisors already at the firm are Mark Stawarz and Rusty Whittaker. The firm provides wealth management services with a focus on high-net-worth clients.
A number of organizations have moved to the LPL platform in recent months. Mike Duffy and Happiness Wealth Management, a firm based in San Carlos, California, came on board in July this year. In June, this publication reported that Flood Financial Services had joined the platforms.
In March, clients of LPL Financial advisors won the ability to now borrow up to $25 million from Goldman Sachs’ private bank under a new arrangement. LPL became one of the largest independent advisory firms to join Goldman Sachs Private Bank Select. LPL Financial is an example of the kind of business tapping into the rise of independent B/D and RIA firms amidst regulatory and other changes driving US wealth management. ECHELON Partners, the Los Angeles-based investment bank that focuses on wealth and investment management, was earlier this year chosen by LPL Financial, the broker/dealer, to take part in the latter’s “vendor affinity program”, offering advisors services to help run their firms.
Faced by rising regulatory costs and the trend of breakaway teams from large firms forming their own brokerages and RIAs, organizations such as LPL Financial provide platforms and support services to such businesses to help them to grow.