Morgan Stanley FA Goes Indie with Commonwealth
LPL Financial states it has actually lifted another wealth management team from competing Kestra.
FDR Financial Group, which has actually registered workplaces in Boca Raton and Hollywood, Fla., has signed up with LPL’s broker-dealer and business RIA platforms and will use LPL as its custodian, LPL says. Founded in 1983 by Jeffrey Solodkin and Leslie Zuckerman with a view to serving physicians and company owners in South Florida, FDR has actually given that included partners and monetary advisors Jason Solodkin, Eric Mathes and Jeffrey Blaze, together with primary monetary strategist Jeremy Schinder, LPL says. The team provides estate and retirement planning, personal insurance and corporate advantages, and handled around $400 million in advisory and brokerage possessions at Kestra, LPL says.
FDR likewise has over $1.2 billion of life insurance under management, Jason Solodkin, who joined the practice 12 years back, says in a statement.
“This choice followed extensive due diligence and research. Our company believe it will solidify our future and enhance our wealth management operations so that we can invest more time concentrating on our customers, their monetary plans and their investment portfolios,” he says in the statement.
In August 2020, Kestra likewise lost a $670 million advisor practice to LPL in Washington.
In 2019, the 2 firms got consultants from each other. A Kestra-affiliated advice practice with $11 billion in retirement-plan possessions bolted for a very OSJ aligned with LPL, and LPL likewise brought back a team that had gone to Kestra in 2013. But Kestra also tempted at least three LPL groups during 2019.