LPL Financial continues to lure Lincoln Financial advisors to its broker-dealer, RIA and custodial platforms.
The latest additions are Lutherville, Md.-based Academy Financial and Berwyn, Pa.-based PFG Advisors, which have joined forces to add more than 30 financial advisors and a collective $4 billion in assets under management, LPL announced today. The firms will operate under the Academy brand umbrella, the release noted.
Academy Financial was founded in 1992 by U.S. Military Academy graduate Harry Horn, who serves as a consultant and partner emeritus. The firm, which specializes in developing innovative wealth creation and preservation strategies, is led by partners Brent J. Kvech, T. Joseph Barger, Michael T. Leonard and Michael C. McFeeley.
“We’re honored to have PFG Advisors join us as we continue to grow our firm and build meaningful relationships with clients,” Kvech said in a statement. “The PFG team shares our serve-first approach, and we look forward to collaborating on behalf of clients for the sole purpose of helping them work toward their financial goals with their best interests in mind.”
PFG Advisors, which focuses on comprehensive financial planning with specializations in business succession planning, estate planning and corporate retirement strategies, is led by Tyler McCraw and Steve Morris.
Kvech said the teams felt “the stability of LPL—a Fortune 400 company with a large infrastructure, economies of scale and robust technology—would enable us to operate independently and focus solely on taking care of our clients.”
“Ultimately, this move was made for the benefit of our clients and is part of our longtime mission to ‘serve first, serve last and serve always.’ We believe if you take care of clients and offer the best possible environment and services, everything will work out,” he added.
Since its wealth management unit was acquired by Osaic in May, Lincoln Financial has lost several advisors to LPL. Just last week, an Atlanta-based five-member advisory team with $615 million in assets joined LPL to launch Wealthstead Financial Advisors. In July, Summit Planning Group, a Connecticut firm with seven advisors managing about $750 million, also moved over, and in May, Pilot Financial, a giant North Carolina advisory network with $4.6 billion in advisory and brokerage assets joined.