UBS Loses $265M Team to LPL Strategic Wealth

UBS Loses $265M Team to LPL Strategic Wealth

New Jersey–based advisors Leslie Shenkler and Daryl Lipkin will join the independent broker/dealer’s Strategic Wealth Services to form the new independent practice Alcove Private Wealth

A Princeton, N.J.–based advisory duo departed UBS to affiliate with LPL’s Strategic Wealth Services, the large independent broker/dealer announced.

Leslie Shenkler and Daryl Lipkin collectively managed about $265 million in advisory and brokerage assets before making the move to LPL, where they will create the new independent practice Alcove Private Wealth. The duo will be joined by Eileen Smith, who’ll serve as client services manager.

The duo first teamed up in 2010, but only recently started looking to take their practice independent. Lipkin said the duo liked how Strategic Wealth advisors can access LPL’s platform, as well as the business support Strategic Wealth offers teams with the immediate concerns of starting a new practice. Lipkin said Strategic Wealth was “a nice sweet spot” for the burgeoning business.

Shenkler has worked in the financial services industry for more than 25 years, with a designation of Chartered SRI Counselor from the Forum for Sustainable and Responsible Investment. Lipkin worked in corporate finance for more than 20 years before becoming a financial advisor in the wake of the 2008 financial crash.

Additionally, last week LPL announced that the Pasadena, Calif.–based firm Floe Financial Partners would return to LPL after a stint with Wells Fargo Advisors. The firm has about $345 million in advisory, brokerage and retirement assets and includes financial advisors Robert Floe and Marjan Neyestani Khazra, as well as directors Chase Edwards and Anthony Minero and a four-person support staff.

According to LPL, Floe Financial interviewed 18 separate firms when seeking a partner before deciding to return to partner with the independent broker/dealer. LPL said the new firm would rely on LPL for back-office support, including administration and marketing programs. The firm also plans to take advantage of LPL’s support for M&A.

The relationships we’ve built with our clients span years, some even decades, so it was important to align with a firm that will support them, both now and for generations to come,” Floe said about the deal.

Earlier this month, LPL attracted Texas-based advisors Richard DeYoung and Jessica Boehm, who managed about $280 million in assets and also joined LPL from Wells Fargo, to form Highland Wealth Partners.