A Massachusetts-based team with approximately $150 million in brokerage, advisory and retirement assets is joining Setera at LPL Financial, the independent broker/dealer announced this week. Acardi Financial Group, led by chairman Joe Acardi, along with his daughter, CEO Danielle Acardi and son, chairman Damon Acardi, is the latest in a number of nine-figure deals out of LPL over the past several weeks.
The firm, which was founded in 1990 and is based in Wilbraham, Mass., spun off First Allied, which is part of Cetera’s broker-dealer network. In addition to the three principals, the firm has two support staff members. In a statement about the deal, Joe Accardi said that Daniels will take the reins of the business over the next several years after retiring.
“It means having a legacy practice in the world, knowing that my son and daughter, and perhaps eventually grandchildren, will continue to serve future generations of customers,” he said.
Accardi Financial Group is the first team to join the LPL through Lucia Capital Group’s (LGC) independent advisor affiliation model. LCG is an LPL firm, and Joe Acardi said that while Acardi and LCG are two separate entities, his team can now access LCG’s “full suite of services”, including its retirement planning system, asset management platform and back-end. -Office support is included. LPL acquired San Diego-based B/D and RIA Lucia in August 2020; At the time, the firm had more than $1.5 billion in assets and 20 advisors.
The Acardi addition is the latest in a slew of announcements out of the LPL. Last week, Pat Clifford and Tyler Lewis, a Texas-based duo with approximately $275 million in assets under management, announced they were leaving Wells Fargo to form a new independent practice affiliated with LPL Strategic Wealth Services. are. Clifford had experience as a senior executive in the oil and gas industry before joining the financial services industry 20 years ago, while Lewis joined the team nearly four years ago with prior expertise in the insurance and banking industry in addition to his advisory work. had attended. The duo was accompanied by planning director Karen Vaughn and the firm’s director of client relations, Sheryl Mike.
A day earlier, LPL announced Utah-based consultants Andy Walker and Christian Covey had also created a new practice through SWS. The two joined LPL from Commonwealth, where they managed approximately $350 million in advisory, brokerage and retirement assets. In creating Walker Covey Wealth Advisors in Utah County, the team was joined by Rebecca McEntire, who will serve as director of client services.
A week ago, father/daughter team John and Jennifer Tarantino joined LPL in collaboration with Gladstone Wealth Partners, which is part of LPL’s hybrid RIA platform. The Florham Park, NJ-based pair manages approximately $250 million in assets and is joined by LPL from Morgan Stanley.
Earlier this month, LPL attracted Lincoln, Neb.-based consultant Hugh Lau, who managed approximately $750 million in assets through SWS, to leave D.A. Davidson to form a new independent practice. Near the beginning of the year, LPL also recruited an office of supervisory jurisdiction with assets of approximately $1 billion, from Elite Financial Network, an advisory group broker-dealer, Securities Americas, to join its platform.
