LPL Financial Loses $850 Million Wealth Management Team to Arkadios
Hybrid independent broker-dealer Arkadios Capital recently announced that it had lured an established wealth management practice from LPL Financial. The addition of New Orleans–based Gulf Coast Wealth Management, a division of Gulf Coast Bank, brings $850 million in assets under advisement to Arkadios, according to the announcement earlier this month.
Gulf Coast’s team – approximately 15 advisers and support staff – had been affiliated with LPL for more than two decades and generated nearly $6 million in annual revenue. The move to Arkadios came following a two-year selection process, according to the announcement.
“Joining Arkadios Capital is a strategic move for Gulf Coast Wealth Management, marking the culmination of a two-year process to select the best broker-dealer for our advisers and clients,” said Jason King, wealth management director of Gulf Coast.
Gulf Coast provides comprehensive investment management, wealth planning and risk management solutions, and is proud of its client-centric approach.
“Arkadios’ commitment to adviser independence, industry-leading technology, and high-performance culture aligns with our mission to be the premier wealth management firm on the Gulf Coast. Throughout this transition, we’ve witnessed their dedication to supporting advisers firsthand. We are excited about the future and the opportunities this partnership will bring,” added King.
Arkadios’ David Millican, founder and chief executive officer, said in the announcement that the recent addition “is a prime example of the challenges facing the financial industry.”
“It is a growing independent, entrepreneurial firm hindered by large, one-size-fits-all broker-dealers,” he said of Gulf Coast in the announcement.
Gulf Coast said its integration into Arkadios Capital will enhance the firm’s capabilities by offering access to a broad spectrum of investment solutions, including direct access to leading global alternative investment firms.
“Arkadios Capital continues to attract successful firms with our flexible framework, tailored solutions and personalized service,” said Millican.
Arkadios nabbed adviser teams from UBS Financial Services Inc. and J.P. Morgan in June 2023 and October 2023, respectively, as well as RBG Capital and Peachtree Wealth Advisors. The latter joined Arkadios last December from Triad Advisors.
Atlanta-based Arkadios says it now has more than $11 billion in affiliated assets and more than 220 advisers working out of 50 offices across the United States and Puerto Rico.
Arkadios Capital’s innovative approach and dual registration as a registered investment adviser and broker-dealer allow advisers to operate fee- and commission-based practices.
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