LPL Financial has lured another giant advisory team from Lincoln Financial following Lincoln’s early May acquisition by Osaic. LPL said today it brought over Pilot Financial, a North Carolina advisory network handling $4.6 billion in advisory and brokerage assets.
The Pilot Financial team has joined LPL's broker-dealer, RIA and custodial platforms, according to a news release. Based in Greensboro, N.C., Pilot Financial was founded in 2001 and is led by partners and managers Chris Roney, Greg Smith, Daryl E. King and Bill Harnden. It has a total of 105 advisors in its network, the announcement said.
The leadership team had been with Lincoln Financial for more than two decades, according to BrokerCheck. The release noted that the team chose LPL for services such as strategic business resources, marketing capabilities and a dedicated customer service team.
“LPL is a stable partner, Fortune 500 company and leading wealth management firm with a proven track record as a preferred service provider for financial professionals,” Roney said in a statement. “This move will greatly enhance our ability to service accounts more effectively, resulting in more convenience for clients and easy account access at their fingertips. Our advisors are also highly interested in the vertical integration of LPL’s digital capabilities, along with the flexibility to develop more personalized financial strategies.”
Smith noted that the firm is looking to grow its network, and he believes that the partnership with LPL will put them “on a better trajectory to attract like-minded, quality advisors.” He added, “This industry is built on relationships, and we have a wonderful culture here where we wrap our arms around every single advisor in the Pilot family to support them and make it easier for them to do business. This move is the next step in that commitment to their success.”
Scott Posner, LPL’s executive vice president of business development, said, “Pilot Financial is a highly successful firm with a rich history and advisor-centric culture, and it is an honor to be their choice for enhanced services and strategic support as they seek new ways to deliver more value to their clients.”
Osaic announced plans in December to acquire Lincoln Financial's wealth management business and its $108 billion in assets. That followed Osaic's 2023 rebranding (when it changed its name from Advisor Group) and its retirement of older longtime brand names such as Royal Alliance and SagePoint. Some recruiters anticipated defections at the time, and since then LPL has been a major beneficiary of scattering Osaic teams. One of LPL's most recent acquisitions of ex-Osaic advisors was its recruitment of Strategic Wealth Partners, a Dallas firm with $860 million in advisory, brokerage and reteirement plan assets, a deal announced in late April.