A Houston-based team managing about $700 million in client assets is joining LPL Financial from Wedbush Securities, according to the large independent broker/dealer.
Skyward Financial was co-founded by father-and-son duo Lynn and Matthew Houston and Ross Stripling. Their client base primarily consists of business owners and retirees, but they also work with some Major League Baseball players and are looking to branch into the college athlete space.
The team, which also includes Vice President of Operations Steven Phan and five other advisors, opted to move to LPL to scale what they can offer clients. According to Matthew Houston, this would give the firm “the tools of a Wall Street firm without actually being one. “
“As a historically regional firm, we realized that our technology couldn’t keep up, and our younger clients were seeking something that better suited their needs,” he said.
According to SEC records, Lynn Houston joined the industry in 1970, with stints at over a dozen firms, including Lehman Brothers and UBS. Matthew Houston registered in 2003 and worked at Lynn Mason until 2006 (as did his father). The duo hit Citigroup, Southwest Securities and B. Riley Wealth Management before affiliating with Wedbush Securities in 2021.
LPL also brought Lincoln, Neb.-based advisors Jenna Vitosh and Natalie Paige on board this week to launch Chloey Wealth on its RIA platform. The duo collectively oversaw about $140 million in assets, with Vitosh joining from Edward Jones and Paige from New York Life.
Earlier this month, LPL Financial announced it closed on its acquisition of Commonwealth Financial Network, delaying the final integration timing to 2026’s fourth quarter. LPL announced in March that it would acquire the privately held Commonwealth, a Waltham, Mass.-based firm with about 3,000 advisors and $305 billion in assets, for a cash deal of about $2.7 billion.
According to LPL, the firm is on track to hit its retention target of 90% of Commonwealth advisors, though several large teams have already departed for rival broker/dealers.
In an earnings call earlier this month, CEO Rich Steinmeier was optimistic about retention, saying that for many Commonwealth advisors “who are prioritizing the Commonwealth experience, their community, the technology service ongoing, and really staying at their forever home for their business and their clients, staying with Commonwealth is their only option.”
A week after the closing, LPL hired Emily Field as its new chief people officer to oversee the firm’s human resources team. Field was previously a partner with consulting firm McKinsey & Company.
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