LPL Financial said Tuesday that its succession-planning pitch attracted two independent brokers in Oregon from rival independent broker-dealer Advisor Group.
Craig Lewelling and Greg Krpalek, who had overseen $225 million and $105 million at Advisor Group’s SagePoint Financial, respectively, changed their affiliations to help Krpalek transition his book and to enjoy the “transparency” of being with a publicly traded company, according to an LPL press release.
Krpalek, 66, has worked at independent broker-dealers for more than three decades, according to his BrokerCheck history. He joined SagePoint four years ago, after almost 23 years with First Allied Securities. He also had a brief professional football career with the Dallas Cowboys and Green Bay Packers.
Krpalek, who is based in Albany, Ore., does not expect to immediately retire.
“We’ll continue to keep our practices independent of each other, but we are excited about this opportunity to work together to provide the best care to our clients,” Krpalek said in a statement.
Lewelling, who is based in Portland, began his brokerage career 26 years ago with Allmerica Investments. After six years, he bought a practice called US Investors International from a retiring advisor. “We created a succession plan back when no one else was doing it,” he said in a prepared statement.
A spokesman for Advisor Group did not immediately return a request for comment. Advisor Group has announced plans to buy Ladenburg Thalmann Financial Services, and plans to give certain Ladenburg advisors an opportunity to buy equity in a limited partnership holding company.
Lewelling has been with Advisor Group’s SagePoint since 2005. Krpalek did not join until 2016, but the Oregon pair became friends at industry conferences, according to LPL. They also share a common appreciation for financial planning, based on their each having lost parents at an early age, according to the press release.
“Greg and I think the same way and share the same approach to clients,” Lewelling said in the prepared statement.
The brokers, who have no disclosures of customer complaints or regulatory events on their BrokerCheck histories, did not respond to requests for comment.
Large independent broker-dealers have been pitching succession planning advice and aid to their independent contractors in recent years. Cetera Financial Group in December attracted an LPL team in North Carolina with $275 million in assets. They cited acquisition opportunities they expected from their new firm as a key reason for the affiliation change.
LPL had 16,349 independent brokers as of the end of September, up from 16,174 after adding a net 188 advisors in the quarter, according to its most recent earnings release.
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