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LPL Financial Holdings Expands with Acquisition of Watermark Wealth Management


LPL Financial Holdings has made another significant advancement in its growth strategy, successfully recruiting an advisor team from rival independent broker-dealer Kestra. The team, known as Watermark Wealth Management, brings with it 16 highly experienced advisors, accompanied by 12 support staff members. With a combined portfolio of approximately $1.5 billion in advisory, brokerage, and retirement plan assets, Watermark Wealth Management has quickly become an invaluable addition to the LPL family.

Watermark Wealth Management, founded in 2009, operates out of multiple locations, including offices in Scottsdale, Chandler, and Payson, Ariz., as well as Minneapolis, Minn. The decision to migrate to LPL was fueled by the advanced technology and resources that the company offers. Advisor and team member, Aaron Gordon, explained further, stating that LPL’s commitment to technology enhancements and integrated capabilities played a pivotal role in their choice. With a seamless interface and open architecture system, their team can operate multiple programs without the need to navigate through different systems. This efficiency ultimately benefits clients by providing them with an enhanced experience, as all their account information is easily accessible within a centralized portal.

LPL (ticker: LPLA) has witnessed consistent growth through its recruiting efforts and strategic acquisitions. As it continues to expand its options for advisors, LPL remains committed to providing exceptional services to its growing network. In its most recent move, LPL announced the acquisition of Crown Capital Securities, a deal that includes 260 advisors overseeing approximately $6.5 billion in advisory and brokerage assets.

Currently headquartered in San Diego, LPL stands as the nation’s largest independent broker-dealer, boasting an impressive roster of over 22,000 financial advisors. This latest development further solidifies LPL’s position as a leading force within the industry.

Unfortunately, a spokesperson from Kestra was not available to comment on the recent transition.

While Kestra has also embarked on its own advisor recruitment campaign, LPL’s successful acquisition of Watermark Wealth Management showcases their relentless dedication to strategic growth. Earlier this month, Kestra proudly announced the addition of 23 skilled advisors who collectively oversee more than $1.6 billion in assets during the second quarter.

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