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One other advisor has departed Osaic for LPL Monetary. A Lafayette, La.-based group, led by advisor Nolan Venable, will transfer its $150 million ebook of enterprise to LPL.
Venable cited LPL’s stability within the market, built-in expertise, advisor help and self-clearing capabilities as causes for the transfer.
“With LPL’s self-clearing capabilities and built-in expertise, every little thing could be accessed seamlessly from one portal,” he mentioned in an announcement. “That centralized workflow makes it a lot simpler to do enterprise and can deliver extra to every shopper interplay.”
Venable launched his advisory observe, Wealth Advisors, in 1984, and he offers monetary recommendation and retirement planning to people primarily in southwestern Louisiana. He additionally owns a tax observe and insurance coverage agency.
He was beforehand affiliated with Royal Alliance, one of many Osaic dealer/sellers that has been consolidated, for 26 years.
Final yr, Advisor Group rebranded itself as Osaic and is consolidating its eight legacy dealer/sellers into the brand new model; the agency plans for all of them to be built-in by the center of subsequent yr. Late final yr, Osaic introduced it might purchase Lincoln Nationwide Corp.’s $108 billion wealth enterprise.
Venable’s transfer is the newest in a number of departures from Osaic, together with Bice Wealth Administration and Fairness Design Group, which managed about $130 million and $520 million, respectively.
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