LPL Financial Expands Business Division in Ohio
LPL Financial is expanding its business division for direct-employee advisors in Ohio with the addition of a wealth management team that has recently joined from Fifth Third Private Bank. The team, consisting of advisors Breanne Bovara and Derrick Petry, has launched Moto Wealth Partners at Linsco by LPL, the firm’s channel for employee advisors.
A Wealth of Experience
Bovara and Petry, who managed approximately $2 billion at Fifth Third Private Bank, bring a wealth of experience to their new roles at LPL Financial. They chose the name “Moto” for their team to symbolize the importance of momentum in their work.
At LPL, Bovara and Petry will be part of a firm where the majority of advisors operate as independent contractors. LPL, with over $2.3 trillion in assets under management, launched its Linsco channel in 2019 to cater to advisors looking for greater independence without the full responsibilities of running their own businesses.
Focus on Client-Centric Strategies
According to Bovara, the decision to join LPL was driven by the firm’s cutting-edge technology, integrated planning resources, and robust client engagement ecosystem. She emphasized that the partnership allows them to focus on delivering personalized, planning-first strategies for their clients.
Prior to founding Moto Wealth Partners, Bovara and Petry had spent the majority of their careers at Fifth Third Private Bank, with Bovara based in Cincinnati since 2014 and Petry in Dayton, Ohio since 1999.
A spokesperson for Fifth Third Bank declined to comment on the move.
Challenges and Opportunities
While the recruitment of a team with $2 billion in client assets is a significant accomplishment for LPL’s Linsco channel, the transition of assets from a private bank may present challenges. Banking assets are known to be “stickier,” making them more difficult to move to a new firm.
Despite this, the Moto Wealth team’s decision to join LPL demonstrates a vote of confidence in the firm’s capabilities and resources.
Overall, the addition of Bovara and Petry to LPL’s business division in Ohio signifies a strategic move to enhance the firm’s wealth management offerings and strengthen its presence in the region.
Source: Here
