LPL Financial Hires $750 Million Advisor for Breakaway Unit

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LPL Financial

Selected a consultant to manage $750 million for his unit to cater to employee consultants planning to become independent.

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Consultant Hugh Lau opens his new independent practice in Lincoln, Neb. He was earlier affiliated with DA Davidson, a regional brokerage firm, for the past 12 years. Prior to that, he worked at AG Edwards, a public database maintained by industry self-regulator FINRA, according to BrokerCheck.

Moving on to Lau is Branch Operations Manager JoAnn Kreitman. The new practice has been dubbed Lau Financial Group.

LPL Financial San Diego Tower Lobby

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Courtesy of LPL Financial

Lau is one of the latest advisors to sign up with LPL’s Strategic Wealth Services unit. LPL, the country’s largest independent broker-dealer, created SWS in 2020 to appeal to wirehouse advisors who wanted to open up to independent practices, but who needed help doing so. The SWS unit helps advisors with issues such as finding office space and provides them with technology and investment support in exchange for a fee.

Lau’s team turned to LPL’s services as they decided to become affiliated with the firm.

“We are a small team of two people, so we need an additional layer of support from LPL Strategic Wealth Services,” Kreitman said in a statement.

Lau chose the firm’s marketing support as a special advantage. “We are excited to be able to market our new brand and promote ourselves within the community,” Lau said.

LPL has recruited more than 15 teams to its SWS unit, including a former Wells Fargo team valued at $1.3 billion in June.

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