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LPL Picks Up $1.5B Advisor Team From Kestra

By Jeff Berman

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LPL Financial said Monday it added a 16-advisor team that managed about $1.5 billion in advisory, brokerage and retirement plan assets with Kestra Financial.

Watermark Wealth Management, which has joined LPL’s broker-dealer, registered investment advisor, and custodial platforms, has registered offices in Chandler, Payson and Scottsdale, Arizona, and Minneapolis, LPL said.

Asked to comment on losing Watermark, Stephen Langlois, president of Kestra, said, “We wish the Watermark team great success and appreciated the opportunity to serve their business.”

Watermark was founded in 2009, during the financial crisis, by a small group of advisors who were looking to share resources in an independent environment, according to LPL.

The team, which has grown over the years, now also includes 12 support staff members.

Seeking Stability

Under the direction of founding partners Carmen Cercone, also director of estate planning, and Kyle Richardson, Watermark has grown from $230 million in assets under management to $1.5 billion in 14 years, LPL said.

The Watermark team opted to move to LPL because it was seeking more stability and a partner with scale, LPL said in a statement.

“As a Fortune 500 company, LPL heavily invests in technology enhancements and other integrated capabilities with open architecture, making it seamless to operate several programs without having to jump into different systems,” Aaron Gordon, Watermark partner and financial advisor, said in the statement.

“These capabilities will empower our team to work more efficiently and also create enhanced experiences for our clients since all their account information will be aggregated into one portal,” Gordon explained.

LPL currently serves about 22,000 advisors, including advisors at about 1,100 enterprises and at about 550 U.S. RIAs, it said.

Jeff Berman

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