An Orland, Ailing.–primarily based advisory group with about $285 million in shopper property has joined Monetary Assets Group Funding Companies, a department workplace of LPL Monetary in Fort Mill, S.C., that works with about 800 advisors and 85 banks and credit score unions throughout the nation. The group, which can rebrand as Harbor Lighthouse Wealth Administration, strikes from LaSalle St. Securities.
That is the primary massive win for Monetary Assets Group since LPL introduced plans to purchase the department workplace in November. That deal will mark the primary time LPL has bought considered one of its personal branches.
Wealthy Steinmeier, a managing director and divisional president of enterprise improvement at LPL, stated the deal “gives a basis” to hurry enlargement on development within the monetary establishment area. Monetary Assets Group will hold its model and management group after the acquisition, which is predicted to shut early subsequent yr.
The Harbor Lighthouse group contains monetary advisors David Rimkus, Donald Sharko and Thomas Phelan. Rimkus based the agency in 1997 after a 10-year profession in banking and has since transitioned it from a primarily transactional enterprise to a complete wealth administration agency.
Rimkus stated they determined to maneuver to LPL and FRG to assist the group with its advertising efforts, particularly the rebrand, and plan for the longer term.
“We look ahead to constructing out our web site and having a social media presence, along with extra common touchpoints with purchasers all year long,” Rimkus stated in a press release. “We additionally benefit from the built-in instruments created by LPL that can release our time, permitting us to extra effectively handle our purchasers’ wants and targets. We look ahead to working intently with Monetary Assets Group, which provides a further layer of help and extra localized assets.”
The group additionally plans on using LPL’s options to assist with succession planning.
“We felt extra snug with the energy of LPL and its massive presence in Illinois,” Rimkus stated in a press release. “We all know we’ll have the ability to carry different advisors into our agency to make sure enterprise continuity. We’re dedicated to fostering relationships with our purchasers’ kids and grandchildren as they construct generational wealth.”