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LPL Financial Poaches Credit Union Wealth Management Program from CUSO

By Alex Padalka January 7, 2019

LPL Financial is off to a good start in 2019, luring a Florida credit union’s wealth management practice from rival CUSO Financial Services, LPL says.

Power Investment Services at Power Financial Credit Union joins LPL’s broker-dealer and corporate RIA platforms, according to a press release from LPL. Power Investment Services’ financial advisors Legna Gonzalez and Curtis Dabros manage around $130 million in brokerage and advisory assets, the company says, according to the press release.

Gonzalez has been in the financial services industry for 15 years, while Dabros helped build the credit union’s investment program, LPL says.

The pair offer financial planning and investment advice to Power Financial Credit Union clients out of six branches across South Florida, LPL says.

“What really stood out to us about LPL was their integrated technology platform as well as their capabilities to improve and simplify our processes,” Gonzalez says in the press release. “Gaining the time and resources will allow us to add more value to the members we are already working with and extend our services to more members.”

LPL finished a year of aggressive recruiting by bringing on multiple teams collectively overseeing around $1 billion in the last few days of December, although it also lost two teams collectively overseeing close to half a billion dollars to rivals Raymond James and Commonwealth Financial Network, as reported.

Meanwhile, wealth management practices joining LPL recently have often touted its technology capabilities, and the firm plans to ramp up its spending on technology from $120 million in 2018 to $135 million this year, Dan Arnold, LPL’s president and CEO, recently said.