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Raymond James Loses $155M FA Duo to LPL

By Alex Padalka June 10, 2021

LPL Financial says it has nabbed a pair of financial advisors from Raymond James.

Mike Fuller, who’s been in the financial services industry for 25 years, and Rob Barber, “an up-and-coming advisor” who teamed with Barber in 2019, have joined LPL’s broker-dealer, hybrid registered investment advisor and custodial platforms, according to the company.

The pair, which have around $155 million in client assets, are affiliating with Perennial Financial Services, an existing enterprise serving LPL-affiliated advisors, LPL says.

Fuller and Barber decided to move their Arroyo Grande, Calif. practice from Raymond James to LPL with the hopes of freeing up time, cutting back on time-consuming compliance tasks and offering clients a differentiated experience, according to LPL.

“Over the years, industry regulations have grown more complex and we’ve been spending an increasing amount of time on compliance-related issues. We believe this new partnership with LPL and Perennial will alleviate some of the headache and extra work, allowing us to concentrate on addressing our clients’ needs,” Fuller says in a statement.

Raymond James and LPL have poached several advisors from each other in recent months. In April, Raymond James announced that it added an advisor in Massachusetts who managed $50 million. In February, however, LPL lured back a team of advisors from Raymond James who had left LPL in 2014.

And in January, Raymond James’ financial institutions division added a 27-person team previously affiliated with LPL.

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Tags:  Finding and winning new clients , Client retention , Staffing and recruiting , LPL Financial , Raymond James

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