Wealth Management Industry Witnesses Ongoing Trend
In a recent move that highlights an ongoing trend in the wealth management industry, a Morgan Stanley advisor team has transitioned to LPL Financial, the nation’s largest independent broker-dealer. With approximately $1.2 billion in assets under their supervision, this group’s decision to join the independent advisor sector is significant.
Led by seasoned industry veteran Burke Francis and his son Christopher, the team, known as The Francis Group, has found a new home in LPL Strategic Wealth Services. This specialized unit of LPL Financial provides dedicated resources and support to advisors who are breaking away from large firms, commonly referred to as wirehouses, and establishing their own independent practices.
Headquartered in Westlake Village, a suburb of Los Angeles, The Francis Group serves a diverse client base comprising affluent families, corporate executives, businesses, and private investors. LPL Financial has acknowledged the expertise and reputation that the team brings to the table.
Burke Francis boasts an extensive career that commenced in 1966, as recorded on BrokerCheck, an industry self-regulatory organization Finra’s public database. Having previously worked at esteemed institutions such as E.F. Hutton, Merrill Lynch, Lehman Brothers, and Smith Barney, his wealth of experience is unparalleled. Christopher Francis joined his father’s business in 1998, thus continuing the family legacy.
The decision to align with LPL Financial was driven by several factors. The Francis Group sought to leverage LPL’s robust resources and capabilities while also gaining more control over their practice. This strategic move will enable them to further enhance their services and tailor their approach to meet the unique needs of their clients.
As the wealth management industry continues to witness a wave of advisors transitioning from wirehouses to independent practices, this shift reflects a growing trend. By embracing independence and partnering with LPL Financial, The Francis Group has positioned themselves at the forefront of this movement, ready to deliver exceptional financial guidance and services to their valued clientele.
Embracing Change: Building with Independence and Integrity
“We used to tell our clients ‘bigger is better,’ but we realize that is not the case anymore, and with searing vision comes beneficial results,” stated Burke Francis. As professionals, we understand the importance of freedom in building a business on our own terms. The culture we foster aligns perfectly with our values, enabling us to operate independently and steer clear of corporate influence. Honesty and openness are at the core of our approach, allowing us to maintain the highest ethical standards without any conflicts.
LPL (ticker: LPLA) has been consistently expanding its ranks of advisors through strategic recruitment efforts and successful M&A deals. To attract more wirehouse advisors to join our team, we launched Strategic Wealth Services in 2019. Since then, we have welcomed numerous wirehouse teams into our growing family.
In a recent move, LPL announced its acquisition of Crown Capital Securities, adding 260 advisors overseeing around $6.5 billion of advisory and brokerage assets. This strategic move is a testament to our commitment to growth and providing exceptional services to our clients.
At LPL, we are proud to have a network of nearly 22,000 financial advisors who collectively manage approximately $1.24 trillion in advisory and brokerage assets. Our scale and expertise enable us to offer unparalleled support and opportunities for success.