Legacy Financial Advisors Joins LPL Financial, Returns to JFC Advisor Network

Rhea-AI Summary

LPL Financial (Nasdaq: LPLA) has announced that Legacy Financial Advisors, formerly known as the Clements Group, is joining its broker-dealer, RIA, and custodial platforms under the JFC Advisor Network. With approximately $120 million in assets under management, the Legacy team aims to enhance client services through LPL’s technology and support. Bill Clements emphasizes their commitment to personalized financial planning, while JFC Advisor Network’s leadership welcomes the partnership, highlighting its potential for growth and success.

Positive

• Legacy Financial Advisors joins LPL Financial, expanding LPLA's advisory network.
• Legacy brings approximately $120 million in advisory, brokerage, and retirement assets.
• Enhanced client experience through advanced technology and support from JFC and LPL.

Negative

• None.

CHARLOTTE, N.C., Nov. 03, 2022 (GLOBE NEWSWIRE) -- LPL Financial LLC (Nasdaq: LPLA) announced today that the team at Legacy Financial Advisors has joined LPL Financial’s broker-dealer, RIA and custodial platforms, aligned with JFC Advisor Network. They reported having served approximately $120 million in advisory, brokerage and retirement assets*, and join LPL from Securities America, part of the Advisor Group network of broker-dealers.

Based in Durango, Colo., the business was formerly the Clements Group, which was founded as a solo practice in 1981 by James Clements, who has since retired. Over the years the firm evolved to an ensemble group, led by his son William “Bill” Clements AIF, who earned his Series 7 license the summer after high school and became a registered principal upon college graduation. Bill Clements is joined by fellow financial advisors Mike Balster AIF, Calvin Romero AIF, Hunter Allmon and Barry Hatcher, along with a five member support staff.

“We chose this opportunity to rebrand and acknowledge the partnership that we have with this more complete, full-service team,” Bill Clements said. “We have evolved to a diverse group of financial coaches who work hard to help elevate our clients by providing personalized financial planning and investment services.”

Looking to enhance the client experience, the Legacy team turned to LPL and JFC. The team already had experience and familiarity with JFC Advisor Network, having previously been part of the network before JFC moved to LPL in early 2020.

“We truly believe JFC has the best people and services to help us position our team for a more successful future,” Clements said. “And we’re excited about this new relationship with LPL. The combination of JFC and LPL will vastly improve our ability to serve our clients through innovative technology and streamlined processes. We also believe JFC and LPL will provide elevated back office support, which ultimately means we can spend more time getting to know our clients’ goals and values and helping them on their financial journey.”

JFC Advisor Network President Jack Connealy stated, “It is with great pride that we welcome the return of Legacy Advisors to JFC Advisor Network. Their partnership with JFC and LPL provides the opportunity for success, and we are honored that they recognize the value which JFC delivers to their business and the crucial role partnering with a strong broker-dealer such as LPL plays in driving growth. From our previous years of working with this exemplary team, we know the Legacy Advisors are true models of dedication and service. We are thrilled to be supporting them once again.”

Scott Posner, LPL Executive Vice President, Business Development, added, “We welcome Legacy Financial Advisors to the LPL community and are happy they have reunited with JFC as they take this next step in the evolution of their practice. At LPL, our entire focus is to support our advisors and make it easier for them to provided financial guidance for their clients. We do this by providing choice and flexibility in our affiliation models, creating differentiated service experiences and investing in integrated capabilities and robust business solutions designed to help advisors thrive. We look forward to connecting the Legacy team to resources and technology that can help them reach their goals and make a difference in each client’s life.”

Related

Advisors, find an LPL business development representative near you.

About LPL Financial
LPL Financial (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader in the markets we serve,** supporting nearly 21,000 financial advisors, and approximately 1,100 institution-based investment programs and 500 independent RIA firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to personalized guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients.

*Value approximated based on asset and holding details provided to LPL from year-end 2021.

**Top RIA custodian (Cerulli Associates, 2020 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S. (Based on total revenues, Financial Planning magazine 1996-2022); among third-party providers of brokerage services to banks and credit unions, No. 1 in AUM Growth from Financial Institutions; No. 1 in Market Share of AUM from Financial Institutions; No. 1 in Market Share of Revenue from Financial Institutions; No. 1 on Financial Institution Market Share; No. 1 on Share of Advisors. (2021-2022 Kehrer Bielan Research & Consulting Annual TPM Report). Fortune 500 as of June 2021.

LPL and its affiliated companies provide financial services only from the United States.
Securities and advisory services offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC. Legacy Financial Advisors, JFC Advisor Network and LPL Financial are separate entities.

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial LLC.

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FAQ

What recent development occurred with LPL Financial (LPLA) on November 3, 2022?

On November 3, 2022, LPL Financial announced that Legacy Financial Advisors joined its broker-dealer and RIA platforms, contributing around $120 million in assets.

How much in assets did Legacy Financial Advisors bring to LPL Financial?

Legacy Financial Advisors brought approximately $120 million in advisory, brokerage, and retirement assets to LPL Financial.

Who is leading the Legacy Financial Advisors team that joined LPL Financial?

The Legacy Financial Advisors team is led by Bill Clements, who is joined by other financial advisors including Mike Balster, Calvin Romero, Hunter Allmon, and Barry Hatcher.

Why did Legacy Financial Advisors choose to join LPL Financial?

Legacy Financial Advisors chose to join LPL Financial to enhance client services and benefit from advanced technology and support offered by LPL and JFC Advisor Network.