LaSalle St. Securities, an independent hybrid broker-dealer, has added three advisors from the broker-dealer INVEST Financial to its advisor network, the company said in a statement.
Phyllis Spears, Grael Barker and Chet Winn belong to L&N Investment Services, a financial advisory arm of L&N Federal Credit Union, and were registered as financial advisors with INVEST Financial. They're adding an aggregate of $100 million in assets under management to the Chicago-based LaSalle St.’s $9 billion in AUM. The advisors will join LaSalle St.’s nationwide network of more than 300 advisors.
Last summer, LPL Financial announced its acquisition of National Planning Holdings, which contains four broker-dealers: National Planning Corp.; Investment Centers of America Inc.; SII Investments Inc.; and INVEST Financial Corp. (the former broker-dealer for L&N Federal Credit Union). The press release said that the three advisors chose to join LaSalle after LPL Financial announced its buyout of NPH.
“When our former broker-dealer, INVEST Financial, was purchased by LPL, we began to explore smaller, boutique-style firms that would allow us to have greater control over our own business,” said Barker, the vice president of financial services at L&N Federal Credit Union, in the release.
L&N Federal Credit Union is based in Kentucky and services clients throughout the Southern and Midwestern regions of the U.S.