LPL has brought in a raft of wealth management firms to its network in recent months. It is an example of the kind of business that has tried to catch the wave of expanding RIA and other wealth businesses in recent years.

The chief investment officer and managing director of LPL Financial, Burt White, is retiring from the business next March, the firm announced yesterday.

LPL said it would be searching to find “a new wealth management leader to join its management team.”

White has worked at LPL since 2007, after serving 10 years as a managing director and director of research for Wachovia Securities. He has been in his present post since January 2017. 

Last week, LPL said that financial advisors Tracy Applewhite and Sean Tyll had joined the business, affiliating with Linsco by LPL Financial, the firm’s employee advisor model. They reported having served about $185 million in advisory, brokerage and retirement plan assets. Earlier in August, the team at Tower 68 Financial Advisors, led by founder and CEO Ken South, launched a new independent practice affiliated with LPL Financial’s Strategic Wealth Services (SWS) model designed to support the needs of breakaway advisors. The team reported having served around $550 million in advisory, brokerage and retirement plan assets. They joined from LPL from Oppenheimer.

Also in early August, LPL Financial said that financial advisor Everett Ice CFP® and the team at Ice Capital Management had joined LPL Financial’s broker-dealer, corporate registered investment advisor and custodial platforms. The team, which reported having served approximately $135 million in advisory, brokerage and retirement plan assets, joined from Wells Fargo Advisors Financial Network.