LPL Financial has won a 10-person team managing about $1.3 billion in client assets to its hybrid registered investment advisor platform.
Tennant Financial has decided to leave Northwestern Mutual for LPL’s RIA option, joining the trend of firms moving to a complete or supported RIA model. The Saratoga Springs, N.Y.-based firm had been with Northwestern Mutual for almost 30 years under the direction of founder and Managing Partner Steven Tennant.
Tennant and team moved for “greater independence, flexibility and access to advanced technology.”
“We make it a priority to truly understand our clients—their ambitions, their challenges and what they hope to achieve,” he said in a statement. “In many ways, we serve as a personal CFO for the families and businesses we support, bringing structure and harmony where there was once complexity.”
Tennant is joined by partners Jeremy Berry and Ryan Wade, who have worked with him since 2000.
The group is focused on high-net-worth families, corporate executives, business owners, medical professionals and people going through life transitions.
Earlier this month, a South Carolina-based team managing about $1.25 billion in client assets joined LPL from UBS. That team chose to affiliate with LPL’s Strategic Wealth Services model (which caters to breakaway wirehouse reps).
LPL is the country’s largest independent broker/dealer by assets, with $1.9 trillion in brokerage and advisory. It does not break out the assets within its hybrid RIA platform.
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