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Securities America Loses $1B FA Team to LPL

By Alex Padalka November 24, 2020

LPL Financial says it has poached a large team of financial advisors previously affiliated with Securities America, part of the Advisor Group network of broker-dealers.

Scottsdale, Ariz.-based Verus Capital Partners, an enterprise firm with around 30 financial advisors throughout the Southwest, has joined LPL’s broker-dealer and corporate RIA platforms and is using LPL as its custodian, LPL says.

Verus, which now manages around $1 billion in advisory and brokerage assets, is the outgrowth of Bull Capital Management, founded by Stephen Bull in 2003, LPL says.

“We have grown our team significantly over the past few years and feel confident we can grow our business even more aggressively within the next five years with LPL’s recruiting help. We believe that LPL is the best growth partner to support our vision of being able to support both traditional advisors and hybrid advisors, as well as RIA-only advisors,” Bull says in a statement.

LPL has lifted several teams of advisors from Advisor Group firms in recent months. In October, LPL nabbed a team of advisors from Securities Service Network as well as from KMS Financial Services, both of which are on the Advisor Group network. More teams left SSN for LPL in September and July, and a practice overseeing $800 million left Securities America for LPL in August.

However, Advisor Group firm SagePoint Financial picked up two LPL advisors in October, one of whom had previously been affiliated with SagePoint and the other with Advisor Group firms FSC Securities and Royal Alliance Associates.

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Tags:  Finding and winning new clients , Client retention , Staffing and recruiting , LPL Financial , Securities America , Advisor Group

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