LPL Financial Snatches $400M FA Group from Kestra
LPL Financial says it has raised another wealth management team from competing Kestra.
FDR Financial Group, which has actually registered offices in Boca Raton and Hollywood, Fla., has signed up with LPL’s broker-dealer and corporate RIA platforms and will utilize LPL as its custodian, LPL states. Founded in 1983 by Jeffrey Solodkin and Leslie Zuckerman with a view to serving physicians and company owner in South Florida, FDR has actually because added partners and monetary consultants Jason Solodkin, Eric Mathes and Jeffrey Blaze, together with chief monetary strategist Jeremy Schinder, LPL says. The group uses estate and retirement preparation, personal insurance coverage and business advantages, and managed around $400 million in advisory and brokerage assets at Kestra, LPL says.
FDR also has more than $1.2 billion of life insurance under management, Jason Solodkin, who joined the practice 12 years back, says in a statement.
“This choice came after comprehensive due diligence and research. We believe it will strengthen our future and strengthen our wealth management operations so that we can spend more time concentrating on our customers, their financial strategies and their financial investment portfolios,” he states in the statement.
In August 2020, Kestra also lost a $670 million consultant practice to LPL in Washington.
In 2019, the 2 companies snapped up consultants from each other. A Kestra-affiliated suggestions practice with $11 billion in retirement-plan possessions bolted for an extremely OSJ aligned with LPL, and LPL also restored a group that had actually gone to Kestra in 2013. However Kestra likewise lured a minimum of three LPL teams throughout 2019.