LPL Financial Recruits Firms Serving Greater Than $1 Billion in Assets From Wedbush and Osaic
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LPL Financial LLC’s additions over the past week bring on a combined $1.055 billion in advisory, brokerage, and retirement plan assets to the firm.
First, financial advisers Ken Hutkin and Ron Winkler joined LPL ’s employee adviser channel, Linsco by LPL Financial, to launch 57th Street Wealth Advisors, and operate the first Linsco office in New York City. They reported serving approximately $400 million in assets and join LPL from Wedbush Securities. Meanwhile, advisers with Bury Financial Group joined LPL Financial’s broker-dealer, registered investment adviser, and custodial platforms. They reported having served approximately $655 million in assets and join LPL from Osaic.
Hutkin of 57th Street Wealth Advisors brings more than 30 years of experience as a business owner and entrepreneur to the partnership. He said he prides himself on understanding the challenges faced by professionals and business owners, which gives him the ability to design custom-tailored strategies and financial plans. Winkler has spent nearly 40 years of his career as the founder and managing partner of Winkler & Co. CPAs, a tax and financial planning firm. Like Hutkin, Winkler’s passion for business and entrepreneurship supported his small business and ability to relate to clients.
Together, the Hutkin and Winkler aim to guide their clients through every step of their financial lives through personalized service and clear actionable plans. The 57th team also includes Margarita “Margie” Santiago, licensed client services associate, and wealth associates Nathan Wild and Noah Hutkin.
“What makes our team distinctive and brings us the most pride is our commitment to both the execution of strategies and our service model,” Winkler said. “We are a process-driven, holistic multigenerational financial planning and asset management team, and we strive to offer exceptional service as we deliver tax-sensitive investment strategies and comprehensive wealth management.”
Todd Bury, president and managing partner of Bury Financial Group, founded the Youngstown, Ohio-based practice in 1992 while he was a sophomore in college. He earned his financial planning license by age 20 and steadily grew his client base, operating as a one-man shop for more than a decade. In 2006, Bury partnered with Brian Laraway, vice president and managing partner, who shared his values and belief that clients are better served in a collaborative environment where each adviser brings a different skillset and background to the team.
Together, Bury and Laraway built a full-service wealth management firm focused on long-term planning. The team now includes fellow partners David Maxwell, Gregory Gett and Kelcie Schiraldi, as well as advisers Nicholas Romeo and Sarah Bury. They are supported by Kelly Frammartino, vice president of operations; paraplanners Bill Nock and Alexander Baker; and client services team members Jocelyn Palowitz and Amanda Peffer.
“We have close relationships with each of our clients and treat them like family,” Bury said. “It’s our goal to help them lead happier, healthier and more productive lives. We believe our success is based on our long history of strong leadership, sound investments and innovative products and services.”
Both firms expressed distinct reasons for making the move to LPL. Hutkin and Winkler turned to the Linsco employee adviser model because it serves financial advisers seeking the core tenets of independence – including owning their client relationships and having the flexibility to run their practice on their own terms. Bury Financial Group looked to LPL to elevate their practice and create differentiated service experiences for clients.
“We are truly setting up our practice for the future — both for our clients and legacy,” Hutkin said. “LPL is a recognized name in the industry with flexibility, scale and continued investment in resources, which can help us grow our team and ensure business continuity in the years to come.”
“LPL is dedicated to independence and providing ultimate flexibility with an open architecture platform that empowers advisers to provide a broad spectrum of investment products and services to clients,” said Laraway. “With this move, we have strengthened our team and brand to give clients the level of service they deserve and should expect.”
Scott Posner, LPL executive vice president of business development welcomed both teams to LPL.
Regarding 57th Street Wealth Advisors, he said: “We welcome Ken, Ron and the entire 57th Street Wealth Advisors team to the LPL community. Through Linsco, advisers are empowered and have greater autonomy and flexibility to grow their practice on their terms. LPL’s integrated wealth management platform, robust business resources and support from our experienced branch management team and dedicated consultants can help them take their successful businesses to the next level.”
Regarding the Ohio team, he said: “It’s an honor to welcome Bury Financial Group to LPL. As teams like Bury Financial seek more sophisticated resources to evolve their offerings and build their perfect practice, we continue to invest in a wide range of differentiated services and innovative capabilities to help them deliver great experiences to their clients.”
LPL Financial Holdings Inc. serves nearly 23,000 financial advisers, including advisers at more than 1,000 enterprises and 580 registered investment adviser firms nationwide. Headquartered in San Diego, its total advisory and brokerage assets totaled $1.56 trillion as of Aug. 30, 2024.
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