An advisor team, responsible for overseeing approximately $650 million at Morgan Stanley, has made the decision to join LPL Financial's unit catering to breakaway advisors. Matt Tabler, Mark Eberle, and Mark Allison have chosen to sign with LPL's Strategic Wealth Services due to the additional support it provides to advisors who are setting up independent practices.
According to a statement from Tabler, the team now has the freedom to operate on their own terms, with enhanced resources that will help elevate the client experience. Allison added that having a dedicated team to manage some of the business operations allows them to focus solely on their clients each morning.
Tabler had been with Morgan Stanley since 2012, while Eberle and Allison had been with Morgan Stanley and predecessor firm Smith Barney since 1990 and 1988 respectively, according to BrokerCheck.
Their newly independent practice, known as Pinnacle Private Wealth Advisors, is based in Bellevue, Wash., near Seattle. They have also brought on board four support staff members.
LPL, the largest independent broker-dealer in the nation, launched Strategic Wealth Services in 2020 with the aim of attracting more large wirehouse teams. So far, the unit has successfully recruited 34 advisor teams.
Scott Posner, LPL's Executive Vice President of business development, said that Strategic Wealth Services allows advisors to run their businesses on their own terms while still receiving comprehensive modern services and support.
Thanks to its aggressive recruiting efforts and acquisitions of smaller broker-dealers, LPL has been experiencing steady growth. According to the company's quarterly earnings report, LPL's advisor head count reached a record high of 21,942 at the end of the second quarter. Additionally, total advisory and brokerage assets increased by 16% year over year to $1.24 trillion.