LPL Financial today announced that it has added a 30-member team from Voya Financial Advisors that managed about $1.6 billion in advisory, brokerage and retirement plan assets, to its broker-dealer, corporate registered investment advisor and custodial platforms.
Based in Danvers, Mass., Brian M. Woods Financial Services, a full-service financial firm, was founded in 1991 by Brian Woods.
This is the third billion-dollar team to join LPL in less than two weeks. On Monday, former Wells Fargo advisor Larry Boggs launched Boggs & Company Wealth Management in partnership with LPL’s Strategic Wealth Services, an affiliation model for breakaway advisors. Based in Cumberland, Md., Boggs managed about $1.3 billion in advisory, brokerage and retirement plan assets. And last week, The Klaas Group of Schaumburg, Ill., a former UBS team with $1.2 billion in advisory and brokerage assets, aligned with Gladstone Wealth Partners to join LPL.
Woods followed his father into the industry, the release explained, starting in insurance before moving into investment advice and wealth management. With the assistance of his wife, Bonnie, he built the business from the ground up. He has a client roster of more than 500 and he also serves as the Office of Supervisory Jurisdiction (OSJ) of 30 financial advisors, including North Pointe Wealth Management and other teams throughout the region, the release noted.
Woods and his team decided to find a new partner after his former broker-dealer, Cetera, was acquired by Voya. “It was my due diligence and responsibility to find the best place for everybody to land, and LPL stood out as a partner that would put the interests of our clients and advisors first. It’s a place where we can dig in and do business with ease,” he said in a statement, noting that the team has been transitioning to LPL in waves since the beginning of May.
Woods said the partnership with LPL will allow advisors to spend more time serving clients or growing their business. “We also now have access to streamlined, user-friendly client technology that makes it easy for clients to access their account information or sign documents electronically,” he said.
Additionally, Woods said, “With extensive offerings on the advisory platform, access to multiple financial planning tools and the protection for my advisors through succession planning, we believe there are significant opportunities to recruit more advisors to our team.”
Ken Hullings, LPL Financial senior vice president and head of enterprise recruiting, said LPL is honored that Brian M. Woods Financial Services “recognized the value of partnering with LPL as they take steps to elevate their practice and create differentiated experiences for their clients. We are committed to making ongoing investments in integrated technology, wealth management resources and robust business solutions that can help the firm and each individual advisor in their network be successful.”