LPL Financial Welcomes Staples Financial

Rhea-AI Summary

LPL Financial has announced the addition of Kris Staples and Trevor Johnson from Staples Financial to its broker-dealer and RIA platforms, managing approximately $150 million in assets. The duo, who transitioned from First Allied Securities, cited LPL's advanced technology and potential fee reductions for clients as key factors in their decision. LPL aims to support them and invest in resources for sustainable growth amidst uncertain market conditions.

Positive

• Addition of Kris Staples and Trevor Johnson enhances LPL's advisor roster.
• Management of approximately $150 million in assets could lead to increased revenue.
• Potential for reduced advisory fees may attract more clients.

Negative

• None.

CHARLOTTE, N.C., July 20, 2020 (GLOBE NEWSWIRE) -- LPL Financial LLC, a leading retail investment advisory firm, independent broker-dealer and registered investment advisor (RIA) custodian, today announced that Kris Staples CWS®, AIF® and Trevor Johnson CWS®, AIF® of Staples Financial have joined LPL Financial’s broker-dealer and corporate registered investment advisor (RIA) platforms, leveraging LPL as custodian. They reported having served approximately $150 million in brokerage and advisory assets*. They join from First Allied Securities, part of the Cetera network of broker-dealers.

Based in Twin Cities, Minn., Staples Financial was founded 45 years ago by Staples’ father, Art. From an early age Staples knew he would follow in his father’s footsteps, recalling the time when he was 10 and running financial plans with his sister in the backseat of his dad’s car. Staples launched his career in 2000 under his father’s mentorship, and Johnson joined the business in 2008 as Art Staples began to transition into retirement. They are assisted by longtime office manager Rachael Johnson.

“Trevor and I entered the business with a financial planning mindset. We share a passion for helping our clients grow and protect their legacies using a strategy-based approach backed by detailed cash flow planning,” Staples said. The firm’s clients predominantly come from the electrical industry, although they also serve several business owners, executives and high-net-worth families. “We maintain a disciplined investment strategy to support customized plans for the unique needs of each client.”

Staples added, “The COVID-19 pandemic forced us to look for ways to be better and that landed at LPL Financial. LPL’s technology investments over the past few years have propelled the firm to become an industry leader in technology. The integrated platform within the ClientWorks digital ecosystem, along with the rapid response of the support teams, will allow us to execute on our promises no matter the outside uncertainty.” Staples also indicated that some of their clients could see a meaningful reduction in their advisory fees on LPL’s platform.

Rich Steinmeier, LPL Financial managing director and divisional president, Business Development, said, “We welcome Kris and Trevor to the LPL family and are honored they chose to partner with us in the next stage of their journey. During these challenging times and often uncertain market conditions, it is important to evaluate who your partners are as well as what is important to clients and the long-term health of your practice. Our commitment is to our advisors, and we will continuously invest in the technology, resources and business solutions that can help them build a productive and sustainable practice. We look forward to supporting the Staples Financial team and the meaningful work they do for their clients for years to come.”

Read about other firms that recently joined LPL in the LPL Financial News and Media section of LPL.com.

Advisors, find an LPL business development representative near you.

About LPL Financial
LPL Financial (https://www.lpl.com) is a leader in the retail financial advice market and the nation’s largest independent broker-dealer**. We serve independent financial advisors, professionals, and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow thriving practices. LPL enables them to provide objective guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions.

Securities and Advisory services offered through LPL Financial, a registered investment advisor. Member FINRA / SIPC.

Staples Financial and LPL Financial are separate entities.

*Based on prior business and represents assets that would have been custodied at LPL Financial, rather than third-party custodians. Reported assets and client numbers have not been independently and fully verified by LPL Financial.

**Based on total revenues, Financial Planning magazine June 1996-2020

Throughout this communication, the terms “financial advisors” and “advisors” include registered representatives and/or investment adviser representatives affiliated with LPL Financial LLC, an SEC registered broker-dealer and investment adviser.

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Media Contact:
Lauren Hoyt-Williams
(980) 321-1232
Lauren.Hoyt-Williams@lpl.com

FAQ

What recent change occurred at LPL Financial in July 2020?

In July 2020, Kris Staples and Trevor Johnson from Staples Financial joined LPL Financial's broker-dealer and RIA platforms.

How much in assets do Kris Staples and Trevor Johnson manage?

They manage approximately $150 million in brokerage and advisory assets.

Why did Staples Financial choose LPL Financial?

They chose LPL for its advanced technology and the possibility of reducing advisory fees for their clients.

What was the previous affiliation of Staples Financial before joining LPL?

Staples Financial was previously affiliated with First Allied Securities.

What is the significance of LPL Financial’s technology for new advisors?

LPL's advanced technology and support systems are designed to help advisors manage their practices more effectively, especially in uncertain market conditions.