LPL Financial Welcomes Return of Harbor Lights Financial Group
LPL Financial (Nasdaq: LPLA) announced the return of Harbor Lights Financial Group to its broker-dealer, RIA, and custodial platforms. The team, serving approximately $535 million in assets, joins LPL from Wells Fargo FiNet. Founded in 1994 and based in Manasquan, N.J., Harbor Lights specializes in retirement planning and high-net-worth clients.
The group chose to return to LPL due to the firm's recent transformation and investments in future-focused platforms. They were particularly attracted to LPL's Liquidity & Capital resources and its commitment to advisor support. LPL's leadership, from CEO Dan Arnold to Chief Growth Officer Rich Steinmeier, impressed the Harbor Lights team with their dedication to the advisors' success.
LPL Financial (Nasdaq: LPLA) ha annunciato il ritorno del Harbor Lights Financial Group alle sue piattaforme di broker-dealer, RIA e custodia. Il team, che gestisce circa 535 milioni di dollari in attivi, si unisce a LPL provenendo da Wells Fargo FiNet. Fondato nel 1994 e con sede a Manasquan, N.J., Harbor Lights si specializza nella pianificazione della pensione e nella clientela high-net-worth.
Il gruppo ha scelto di tornare a LPL grazie alla recente trasformazione dell'azienda e agli investimenti in piattaforme orientate al futuro. Sono stati particolarmente attratti dalle risorse di liquidità e capitale di LPL e dal suo impegno nel supporto agli advisor. La leadership di LPL, dal CEO Dan Arnold al Chief Growth Officer Rich Steinmeier, ha impressionato il team di Harbor Lights con la loro dedizione al successo degli advisor.
LPL Financial (Nasdaq: LPLA) anunció el regreso de Harbor Lights Financial Group a sus plataformas de corredores, RIA y custodia. El equipo, que atiende aproximadamente $535 millones en activos, se une a LPL desde Wells Fargo FiNet. Fundado en 1994 y con sede en Manasquan, N.J., Harbor Lights se especializa en la planificación de jubilación y en clientes de alto patrimonio.
El grupo decidió regresar a LPL debido a la reciente transformación de la firma y a las inversiones en plataformas enfocadas en el futuro. Se sintieron especialmente atraídos por los recursos de liquidez y capital de LPL y su compromiso con el apoyo a los asesores. El liderazgo de LPL, desde el CEO Dan Arnold hasta el Chief Growth Officer Rich Steinmeier, impresionó al equipo de Harbor Lights con su dedicación al éxito de los asesores.
LPL Financial (Nasdaq: LPLA)는 Harbor Lights Financial Group이 중개업체, RIA 및 수탁 플랫폼으로 돌아온 것을 발표했습니다. 약 5억 3500만 달러의 자산을 관리하는 이 팀은 Wells Fargo FiNet에서 LPL로 합류합니다. 1994년에 설립된 New Jersey주 Manasquan에 본사를 두고 있는 Harbor Lights는 은퇴 계획과 고액 자산 고객을 전문으로 합니다.
그룹은 LPL의 최근 변화와 미래 지향적인 플랫폼에 대한 투자 때문에 LPL로 돌아오기로 결정했습니다. 그들은 특히 LPL의 유동성 및 자본 자원과 고문 지원에 대한 헌신에 매료되었습니다. CEO Dan Arnold에서 Chief Growth Officer Rich Steinmeier에 이르는 LPL의 리더십은 고문들의 성공을 위해 헌신하는 모습으로 Harbor Lights 팀에 깊은 인상을 남겼습니다.
LPL Financial (Nasdaq: LPLA) a annoncé le retour de Harbor Lights Financial Group sur ses plateformes de courtage, RIA et de garde. L'équipe, qui gère environ 535 millions de dollars d'actifs, rejoint LPL après être venue de Wells Fargo FiNet. Fondée en 1994 et basée à Manasquan, N.J., Harbor Lights se spécialise dans la planification de la retraite et les clients fortunés.
Le groupe a choisi de revenir à LPL en raison de la récente transformation de l'entreprise et des investissements dans des plateformes tournées vers l'avenir. Ils ont été particulièrement attirés par les ressources de liquidité et de capital de LPL ainsi que par son engagement en faveur du soutien aux conseillers. Le leadership de LPL, du PDG Dan Arnold au Chief Growth Officer Rich Steinmeier, a impressionné l'équipe de Harbor Lights par leur dévouement à la réussite des conseillers.
LPL Financial (Nasdaq: LPLA) gab bekannt, dass die Harbor Lights Financial Group zu ihren Broker-Dealer-, RIA- und Verwahrplattformen zurückkehrt. Das Team, das etwa 535 Millionen Dollar an Vermögenswerten verwaltet, kommt von Wells Fargo FiNet zu LPL. Das 1994 gegründete Unternehmen mit Sitz in Manasquan, N.J. ist auf die Altersvorsorge und wohlhabende Kunden spezialisiert.
Die Gruppe entschied sich für die Rückkehr zu LPL aufgrund der jüngsten Transformation des Unternehmens und der Investitionen in zukunftsorientierte Plattformen. Besonders ansprechend fanden sie die Liquiditäts- und Kapitalressourcen von LPL sowie deren Engagement für die Unterstützung der Berater. Die Führungskräfte von LPL, von CEO Dan Arnold bis Chief Growth Officer Rich Steinmeier, beeindruckten das Team von Harbor Lights mit ihrem Einsatz für den Erfolg der Berater.
- Harbor Lights Financial Group, managing $535 million in assets, returns to LPL Financial
- LPL's investments in future-focused platforms and Liquidity & Capital resources attracted Harbor Lights
- Harbor Lights team impressed by LPL's commitment to advisor support and success
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Harbor Lights Financial Group's return to LPL Financial is a strategic move that could positively impact both entities. With
LPL's investments in technology and advisor support services appear to be paying off, potentially leading to increased market share and revenue growth. The emphasis on Liquidity & Capital resources suggests LPL is focusing on long-term advisor retention and succession planning, which could enhance stability and predictability of future cash flows.
Investors should monitor LPL's advisor recruitment and retention rates, as well as assets under management growth, to gauge the success of this strategy. While positive, this single transition's immediate financial impact on LPL (Nasdaq: LPLA) is likely minimal given the company's overall scale.
This move signals a broader industry trend towards enhanced technological capabilities and comprehensive support systems in the financial advisory space. LPL's success in attracting back a previously affiliated group underscores the importance of continuous innovation and platform development in retaining and recapturing market share.
The emphasis on advisor independence and flexible business models aligns with evolving preferences in the wealth management industry. This could position LPL favorably against traditional wirehouses and less adaptable competitors. The mention of Liquidity & Capital resources suggests LPL is addressing succession planning concerns, a critical issue as the advisor workforce ages.
Investors should consider how LPL's strategy compares to competitors and whether it can maintain its technological edge and advisor-centric approach in a rapidly changing financial services landscape.
SAN DIEGO, Aug. 08, 2024 (GLOBE NEWSWIRE) -- LPL Financial LLC (Nasdaq: LPLA) announced today that the founders, financial advisors and staff with Harbor Lights Financial Group have returned to LPL Financial’s broker-dealer, RIA and custodial platforms. They reported serving approximately
Headquartered in Manasquan, N.J., Harbor Lights Financial Group was founded in 1994 by financial advisors Doug Lockwood, CFP®, Rob Tendler, CFP®, CLU, and Ken Roberts, CFP®, all who share a passion for helping clients on their journey to financial freedom by providing strategic investment advice, customized planning and high-touch service experiences. They built the practice uniquely by helping employees of large companies with their retirement planning, and they later grew their business in the high-net-worth space. The team includes financial advisors David Scureman, MBA, CFP®, and Jonathan Shippee, MBA, CFP®, along with Chief Operating Officer Steve Catapano and five office support staff members.
“We are a team of highly accomplished advisors who specialize in developing detail-focused plans designed to help clients accumulate, preserve and transfer wealth throughout all market cycles,” said Lockwood, an accomplished public speaker and featured contributor to Fox News, CNBC, U.S. News & World Report, Kiplinger’s Personal Finance Magazine, MSNBC and the Wall Street Journal online. “Each advisor brings a different skillset to the team, and we collaborate to provide clients with well-defined, personalized strategies to help them reach their wealth goals in a timely manner.”
Why they chose to return to LPL Financial
Harbor Lights leaders have kept their eyes on LPL over the past few years, closely watching the firm’s transformation to bring advisors into the future of advice and wealth management. After comprehensive due diligence, the team found that LPL is a much-changed organization and would be the ideal partner for the next chapter of their business.
“As independent advisors, we want to be in the best possible place so we can continue to serve our clients at the highest level,” Lockwood said. “LPL and its leaders are putting in hard work and significant investments into a platform of the future. We are highly impressed with the quality of services to help us solve problems and create solutions for our clients and business.”
The team was drawn to LPL’s compelling and competitive Liquidity & Capital resources to help them create a legacy for themselves, as well as a safe passage for clients and longevity for the next generation of Harbor Lights advisors.
Additionally, LPL’s mission to take care of advisors so they can take care of clients truly resonates with the Harbor Lights team.
“I genuinely feel that the people at LPL care about what happens to us and our clients, from President & CEO Dan Arnold to Chief Growth Officer Rich Steinmeier, all the way down to the transition and service folks we work with daily,” Lockwood said. “We are a relationship-based team, and it’s refreshing to engage with all these great people who are committed to helping us succeed and grow. We’re excited to be together for the rest of our careers and offer to our team a better future.”
Scott Posner, LPL Executive Vice President, Business Development, said, “We warmly welcome Doug, Rob, Ken and the entire Harbor Lights team back into the LPL community. It’s an honor they recognized LPL’s growing momentum and commitment to delivering an industry-leading value proposition to advisors. Our entire focus is to support advisors and make it easier for them to provide personalized financial guidance and differentiated service experiences to their clients. We do this by providing unprecedented choice and flexibility in how firms build their business, and by investing in integrated capabilities and robust business solutions designed to help advisors thrive. We look forward to supporting Harbor Lights Financial Group for generations to come.”
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About LPL Financial
LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that LPL should work for advisors and institutions, and not the other way around. Today, LPL is a leader in the markets we serve, serving more than 23,000 financial advisors, including advisors at approximately 1,000 institutions and at approximately 580 registered investment advisor (“RIA”) firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial professional. At LPL, independence means that advisors and institution leaders have the freedom they deserve to choose the business model, services and technology resources that allow them to run a thriving business. They have the flexibility to do business their way. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors and institutions, so they can take care of their clients.
Securities and Advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor. Member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States. Harbor Lights Financial Group 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.
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*Value approximated based on asset and holding details provided to LPL from end of year, 2023.
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FAQ
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