Eight advisors with about $350 million in brokerage and advisory assets from the wealth management program at CenterState Bank in Winter Haven, Fla., have joined LPL’s Institution Services through the bank’s merger with LPL client, South State Bank.
The advisors and five client services team members join more than 40 members at South State Investment Service to provide client-focused, locally based financial advice and guidance throughout the Southeast, according to an announcement today from LPL.
“As a result of our merger with CenterState, we are now able to provide trusted financial advice to clients in six Southeastern states, including Florida, Alabama, Georgia, the Carolinas and Virginia,” Tim Sease, managing director, South State Investment Services said in a statement. “We are excited to grow our team and to enhance our talent through the addition of these advisors who bring valued counsel to clients.”
CenterState and Columbia, S.C.-based South State Corp, the state’s largest bank, merged in June in an all-stock merger valued at more than $3 billion. CenterState shareholders held 53% of the combined bank, and the headquarters was moved to Winter Haven.
Rich Steinmeier, LPL Financial managing director and divisional president, business development, said LPL has a strong partnership with Sease and the South State team, and they are committed to helping them expand their investment program and reach more clients throughout the Southeast. “We understand the unique needs and opportunities that institution-based investment programs face, and LPL’s Institution Services model is designed to serve this segment of financial professionals with strategic consulting and a differentiated service experience, all powered by a comprehensive, integrated digital platform,” he added.
LPL Financial, headquartered in Fort Mill, S.C., San Diego and Boston, is the nation’s largest independent broker-dealer. Its financial institution services provide third-party investment services to financial institutions, offering insurance and investment services to approximately 800 banks and credit unions nationwide.