LPL Lures Ex-Osaic, Cincinnati Team Serving $800 Million in Assets
The financial advisers at Dougherty, Tedesco & Associates have joined LPL Financial’s broker-dealer, registered investment adviser, and custodial platforms. They reported serving about $800 million in advisory, brokerage and retirement plan assets, and join LPL from Osaic.
Founded in the early 1980s by Charlotte Dougherty, CFP, the business has evolved over the years into a “holistic wealth management firm and cornerstone of the greater Cincinnati area,” according to LPL. Now under the leadership of advisers Andrew Tedesco, CFP, and John Dougherty III, MBA, CFP, CRPC, the firm offers a comprehensive range of wealth advisory services, including financial planning, investment management, and retirement planning and estate planning.
The team also includes John Dougherty Jr., registered sales assistant; Caitlin Ackerman, director of client services; and support staff members Rita Anno and Ben Verchick.
“Our mission is to lead clients to a more secure financial future, supporting them step by step through life’s various stages,” said Dougherty III, noting they primarily serve corporate executives, engineers, and medical practitioners. “We take a team approach to providing customized strategies as we explore every avenue to help optimize the client’s success. Throughout the financial planning process, we never lose sight of one essential element: personal service.”
The transition to LPL Financial represents a calculated move for Dougherty, Tedesco & Associates, positioning the firm to deliver more customized solutions and elevated client services.
“LPL’s comprehensive platform, advanced technology, and substantial resources will give us more flexibility to respond to the diverse needs of our client base. Additionally, LPL’s size, strength, and commitment to innovation align with our own values and aspirations for growth,” said Tedesco. We’re confident in our ability to expand our business and fulfill our commitment to providing exceptional care to help clients navigate their financial journeys with confidence.”
Joining from Osaic, BrokerCheck shows the team of advisers had also been employed at Lincoln Financial Advisors. Osaic closed on the acquisition of Lincoln Financial Advisors Corporation and Lincoln Financial Securities Corporation in May 2024, as previously reported by The DI Wire. As a result of the transaction, 1,400-plus advisers overseeing approximately $115 billion in assets were onboarded to Osaic. Since then, a percentage of financial advisers from both Lincoln and Osaic have departed their respective firms.
Other examples of firms that have transitioned to LPL in recent months include Academy Financial Inc. and PFG Advisors with $4 billion in client assets and Wealthstead Financial Advisors with $615 million in assets – all in August.
“We welcome Dougherty, Tedesco & Associates to the LPL community and look forward to supporting the growth of their firm. LPL is committed to delivering robust resources, strategic business solutions and innovative capabilities that can help this team and all of our advisers differentiate their practice and be successful at every stage of their business’ lifecycle,” said Scott Posner, executive vice president of business development at LPL Financial.
Earlier this week, LPL’s board of directors confirmed Rich Steinmeier as permanent chief executive officer. Steinmeier, who had been interim CEO since the termination of Dan H. Arnold on Oct. 1 was also elected to the LPL board. In addition, the board named Matt Audette as president and chief financial officer, expanding his previous role as chief financial officer and head of business operations.
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.
Click here to visit The DI Wire directory page.
