LPL's Hybrid RIA/Broker Model Proves Irresistible To $300 Million Morgan Stanley Team

Tuesday, March 13, 2012 10:46
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LPL's Hybrid RIA/Broker Model Proves Irresistible To $300 Million Morgan Stanley Team

Tags: breakaway brokers

A big San Diego advisory team has jumped to LPL from Morgan Stanley because the chance to operate as a "hybrid" RIA / independent brokerage office was too appealing to pass up.

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Neil McNeil, Robert Meyer, and Ryan Clive-Smith are hoping to move $300 million in client assets away from Morgan Stanley and into LPL's more open architecture environment.

 

They're picking LPL affiliate Stratos Wealth Partners as their RIA and Fidelity as their custodian, while letting LPL handle their brokerage platform.

 

Unlike a lot of breakaways, they're explicit in what got them to jump.

 

They don't like the "proprietary software" that Morgan made them use -- which means they're unhappy with having their technology needs decided for them.

 

They wanted a broader investment universe and, interestingly, higher-end planning solutions -- which means Morgan, despite its white-glove reputation, wasn't actually the elite choice it likes its clients and reps to think it is.

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