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LPL Lures Billion-Dollar Practice from Raymond James

By Alex Padalka July 3, 2019

A wealth management practice previously affiliated with Raymond James has left the firm for LPL Financial.

PacNorth Retirement Group has joined LPL’s broker-dealer and corporate RIA platforms, according to a press release from LPL.

PacNorth is the result of the merger between RDH Investments, which includes brokers RC Roland, Chad Roland, Blair Roland and Gary Douvia, and Borders, White, & Tait, which includes brokers Garry Borders, Matt Borders and Joel White, according to LPL.

The team previously managed $1.1 billion in brokerage, advisory and retirement plan assets at Raymond James Financial Services, the firm’s independent broker-dealer, LPL says.

Based in Spokane Valley, Wash., PacNorth serves plan sponsors and participants as well as individual retirement savers across the Pacific Northwest, according to the press release.

“With a large retirement plan business serving hundreds of individuals and dozens of companies, we were looking for a partner that could provide the tools and resources to operate more efficiently,” Roland says in the press release. “We were impressed by LPL’s capabilities and technology, and how the integrated platform can streamline and improve how we can work with clients.”

LPL has lost several practices with substantial retirement plan assets over the past two years, including Retirement Benefits Group, which managed $10 billion, Resources Investment Advisors, which oversaw around $5 billion, and Independent Financial Partners, a hybrid RIA and OSJ which left LPL in April last year and received Finra approval this February to form its own broker-dealer.

But in April, a super OSJ aligned with LPL, Strategic Retirement Partners, lured a practice overseeing $11 billion in retirement plan assets that had been aligned with Kestra.

The same month LPL picked up a wealth management practice managing $390 million in brokerage, advisory and retirement plan assets.