Two wealth management practices affiliated with LPL Financial have actually come together to form a big RIA hybrid.

Expert Wealth Advisors, an independent wealth management company founded in 2015, has reached an agreement with the RIA HighPoint Preparation Partners to form a hybrid platform that will have more than 200 financial consultants handling over $8.5 billion in total client properties, PWA states.

” HighPoint has actually existed as an RIA and OSJ (Office of Supervisory Jurisdiction) of LPL primarily dealing with independent consultants searching for regional compliance, service, support and beneficial service economics,” Craig Ibrahim, handling partner and principal at HighPoint Preparation, states in a declaration. “This merger is an incredible chance to share our strengths with PWA while supporting more consultants.”

The companies didn’t divulge the financial regards to the deal.

Both firms have grown recently by poaching advisors from rivals.

In December, PWA poached a monetary consultant who was handling $425 million at JPMorgan. HighPoint, on the other hand, has actually lured consultants from Morgan Stanley and Merrill Lynch.