LPL Financial is losing another well-known wealth management firm.
MACRO Consulting Group, a hybrid firm managing more than $800 million, announced in an email to the firm's clients that it had switched its broker-dealer affiliation to Mutual Securities Inc.
The email cited "repeated challenges with LPL over the last five years and this, as well as their decision to move away from the support of larger offices such as ours," as the reason for finding a new broker-dealer "that can support our business model, investment philosophy and dedication to client service."
Firm managing partner Mark Cortazzo is a well-known advocate of variable annuity contracts and
was recognized in 2013 as a 'transformational adviser' by
InvestmentNews.
"Five years ago, LPL had different leadership and a different focus and goal, which was appealing to us when we moved there," Mr. Cortazzo told
InvestmentNews. "I'm going to miss a number of the personal and professional relationships that I built at LPL, but their interests and our interests with our clients, how we want to grow and what kind of firm we want to be, just did not align."
MACRO moved to LPL in 2012.
Previously it was affiliated with SII Investments, a member of National Planning Holdings, which LPL
acquired in August.
(More:
The biggest NPH firms LPL has retained)
The email said MACRO selected MSI for its specialized business model to support hybrid investment management firms.
A week ago Cornerstone Wealth, another hybrid managing $1.3 billion,
switched to MSI from LPL.
In 2016, LPL
lost Ron Carson, one the firm's best-known and longest-tenured advisers, and founder of Carson Wealth Management, which had $2.6 billion in assets at LPL.
Last week, Mr. Carson said LPL's outdated technology drove his decision.
LPL has successfully retained several firms affiliated with NPH broker-dealers.
For instance, Advisors Southeastern Alliance, a super OSJ overseeing $1.2 billion in brokerage and advisory assets,
said it would remain with LPL.
LPL did not respond to a request for comment.
