LPL Loses $850M Wealth Team to Arkadios

July 3, 2024

June 26, 2024

Hybrid independent broker-dealer Arkadios Capital announced that it has lured an established wealth management practice from LPL Financial.

The addition of New Orleans–based Gulf Coast Wealth Management, a division of Gulf Coast Bank, brings $850 million in assets under advisement to Arkadios, according to the announcement.

Gulf Coast had been affiliated with LPL for more than two decades, and the move to Arkadios comes following a two-year selection process, according to the announcement.

Arkadios’ David Millican, founder and chief executive officer, said in the announcement that the recent addition “is a prime example of the challenges facing the financial industry.”

“It is a growing independent, entrepreneurial firm hindered by large, one-size-fits-all broker-dealers,” he said of Gulf Coast in the announcement.

Last year, Arkadios nabbed advisor teams from JPMorgan as well as UBS, among other firms.

Atlanta-based Arkadios says it now has more than $11 billion in affiliated assets and more than 220 advisors working out of 50 offices across the United States and Puerto Rico.