A team of financial professionals managing about $500 million in advisory, brokerage and retirement plan assets has exited Royal Alliance to join LPL Financial’s broker-dealer, corporate registered investment advisor and custodial platforms, according to a news release from the company.
The newly formed enterprise, Walnut Beech Advisors, with offices in Rochester, Mich., and Long Beach, N.Y., is led by OSJ manager Tim Maurer and managing partner Rick Betancourt. The release noted that the team of 20 financial professionals has been moving to LPL since last fall, with its final advisor joining this month.
The release said the partnership with LPL offers the team more freedom to share ideas and work together on client cases. “It also opens up the ability to co-brand as a tax-focused OSJ group, where they can work closely with CPAs and enrolled agents who complement their investment strategies and financial plans,” the release said.
Betancourt, in a statement, said, “As a millennial advisor, I’m really excited about how much LPL invests in innovative technology. My clients are requiring more and more sophisticated digital capabilities, and the ability to easily access their accounts and information from any device. We are confident LPL will be able to keep up with the latest tools and resources available.” He noted that the team already has been able to incorporate some of the newer technologies to help streamline their business.
Maurer added that the partnership will allow them to deepen their business continuity and succession planning. “I am fortunate to work with many of my mentors. I want them to feel secure that their clients are in good hands so that they can enjoy the later stages of their distinguished careers,” he said.
Ken Hullings, LPL Financial senior vice president and head of enterprise recruiting, said in a prepared statement, “They were looking for a partner with stability that is highly committed to supporting their success and future growth. By making ongoing investments in technology, service, wealth management resources and business solutions, LPL can help our advisors maximize the value of their practice and address the evolving needs of their clients."