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LPL grabs credit union team from CUSO as part of $580M haul

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LPL Financial added two advisors managing $130 million in client assets as part of its third grab in the bank and credit union channel over a six-week span.

Advisors Legna Gonzalez and Curtis Dabros of Power Financial Credit Union bolted CUSO Financial Services for the No. 1 independent broker-dealer, LPL said this week. The Miami-area credit union has six branches and a wealth management arm called Power Investment Services.

Between mid-October and the end of November, LPL’s institutional channel grabbed nine advisors with a combined $580 million. Bank and credit union-based teams who left Invest Financial after LPL acquired the firm’s assets also represented six of the 50 largest recruiting moves in the IBD space in 2018.

“What really stood out to us about LPL was their integrated technology platform as well as their capabilities to improve and simplify our processes,” Gonzalez said in a statement. “Gaining the time and resources will allow us to add more value to the members we are already working with and extend our services to more members.”

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December 19

Representatives for CUSO didn’t respond to a request for comment on their exit.

Gonzalez had spent a year with CUSO after seven years with HSBC and three with Credit Suisse over her 16-year financial services career, according to FINRA BrokerCheck. She and Dabros, an 18-year CUSO veteran who helped launch the credit union’s investment program, formally joined LPL on Nov. 30.

“We offer the investment solutions, wealth management platform and consultative support that can help financial institutions capitalize on their potential,” Craig Kamis, an executive vice president for LPL’s institutional business development team, said in a statement. LPL is “proud that Power Investment Services saw that in us,” he added.

The additions came after LPL brought in advisors with the highest recruited assets in at least the past seven quarters, at $9.1 billion. The firm’s headcount jumped 13% year-over-year to 16,174 advisors in the third quarter, due to LPL’s acquisition of the assets of Invest’s parent and other factors.

In his remarks on the firm’s last earnings call in October, CEO Dan Arnold attributed the firm’s recruiting success to higher offers of transition assistance for advisors joining the corporate RIA, recruiter incentives, competitive pricing on the firm’s platform and new technological enhancements.

The company is aiming to “create a greater appeal to a greater number of advisors,” Arnold said. “We turned a number of dials in order to try to experiment and explore what would work best in order to achieve the positioning that we were trying to.”

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