\n The HighWater Wealth team in San Diego.\n <\/p>\n
\n The five-advisor group leaves U.S. Bank for LPL’s platform, part of a record June that saw 204 advisors join the firm.\n <\/p>\n
LPL has deepened its presence in the West Coast yet again, as a five-advisor team overseeing a multibillion-dollar book marks the latest in a recruiting spree that included the busiest month of hiring for LPL so far this year.<\/p>\n
LPL announced Tuesday that it has recruited HighWater Wealth, a San Diego-based advisory team overseeing approximately $2.4 billion in advisory assets.<\/p>\n
The five-member team \u2013 including Kristian Forster, Mike Rookus, Falko H\u00f6rnicke, Tim Davidson and Brian Rissman \u2013\u00a0joins LPL’s broker-dealer and registered investment advisor platform from U.S. Bank through an affiliation with Quotient Advisor Partners.<\/p>\n
HighWater Wealth provides multi-generational office services for high-net-worth individuals and families, built around a planning-first model that starts with a full review of a client’s trust and estate structure before layering in investment strategy.<\/p>\n
\u201cOur approach is centered on understanding the full financial picture \u2013 from trust and estate considerations to cash flow and long-term objectives \u2013 so we can design strategies that are tailored to each family\u2019s needs,\u201d said\u00a0Rookus, president and founding partner of the team.<\/p>\n
Forster added that the move to LPL was driven by the platform’s flexibility and research capabilities, along with the speed at which the team could act on client needs once affiliated with Quotient.<\/p>\n
“Most advisors stay inside large institutions not because they’re satisfied, but because going independent feels too risky,\u201d\u00a0said Ray Lucia Jr., chief executive officer of Quotient Advisor Partners, explaining his firm’s focus on providing “transition expertise, infrastructure and community” for breakaway advisory teams.<\/p>\n
The San Diego win lands amid what appears to be LPL’s strongest recruiting stretch of the year. According to the latest monthly snapshot of advisor movement from AdvizorPro<\/a>,\u00a0LPL brought in 204 advisors for the month of June \u2013 its highest single-month total tracked so far this year and nearly double its May record.<\/p>\n The arrivals at LPL in June covered a wide spread of rival firms including UBS<\/a>, JPMorgan<\/a>, Cetera, Wells Fargo, and Raymond James, among others. And while it saw 127 walkouts for the month \u2013 the second-highest number of departures by AdvizorPro’s reckoning \u2013 LPL still managed the industry in net advisor movement.<\/p>\n “The appearance of LPL at number two in outflows while leading in inflows underscores the sheer volume of movement running through the platform and reflects the high churn that comes with being the industry’s largest independent broker-dealer,” AdvizorPro noted.<\/p>\n