LPL Financial Welcomes Advisor John Somerville to Linsco Channel

Rhea-AI Summary

LPL Financial announced that financial advisor John Somerville has joined their employee advisor channel, Linsco by LPL Financial, to launch Somerville Wealth Management. Somerville, who transitions from D.A. Davidson & Co., brings approximately $280 million in advisory, brokerage and retirement plan assets and will operate from a new Linsco office in Santa Barbara, California.

With over 40 years of industry experience, Somerville's practice focuses on serving business owners, professionals, and high-net-worth families through comprehensive financial planning. He chose Linsco by LPL for its innovative technology, enhanced service experiences, and the ability to maintain independence while receiving support from branch management, marketing consultants, and other resources.

LPL Financial Holdings (LPLA) currently supports more than 28,000 financial advisors and 1,200 financial institutions, managing approximately $1.8 trillion in brokerage and advisory assets for 6 million Americans.

Positive

• Addition of advisor managing $280 million in assets
• Expansion of Linsco channel with new Santa Barbara office
• Company manages $1.8 trillion in total assets

Negative

• None.

Insights

Financial Analyst

The addition of John Somerville, managing $280 million in assets, represents a modest but strategic acquisition for LPL Financial's Linsco channel. While this individual advisor transition is relatively small compared to LPL's total $1.8 trillion in managed assets, it demonstrates continued execution of their advisor recruitment strategy, particularly in the high-net-worth segment.

Breaking down the numbers: Somerville's $280 million AUM would contribute approximately 0.016% to LPL's total assets under management. However, the higher-margin nature of high-net-worth client relationships typically generates 2-3x more revenue per dollar of assets compared to mass-market clients. A conservative estimate suggests this addition could generate annual revenues of $2.1-2.8 million based on typical fee structures for this client segment.

The Santa Barbara location is strategically valuable, given the area's concentration of high-net-worth individuals and business owners. This geographic expansion strengthens LPL's presence in a key wealth market while potentially creating opportunities for additional advisor recruitment in the region.

Market Research Analyst

This talent acquisition reflects broader industry trends in the wealth management sector. The movement of experienced advisors with substantial books of business continues to be a key growth driver for major wealth management firms. The $280 million AUM transfer highlights the ongoing consolidation in the industry, where larger platforms like LPL are attracting established advisors from regional firms like D.A. Davidson.

Looking at competitive dynamics, LPL's Linsco model addresses a specific market need by offering a hybrid solution between full independence and traditional employee models. This structure appeals particularly to advisors managing $200-500 million in assets who seek operational support while maintaining practice autonomy. The addition validates LPL's multi-channel strategy and its ability to attract established advisors in the competitive California market.

SAN DIEGO, Jan. 06, 2025 (GLOBE NEWSWIRE) -- LPL Financial LLC announced today that financial advisor John Somerville has joined LPL’s employee advisor channel, Linsco by LPL Financial, to launch Somerville Wealth Management. He reported serving approximately $280 million in advisory, brokerage and retirement plan assets* and joins LPL from D.A. Davidson & Co. He will operate from a new Linsco office in Santa Barbara, Calif.

With more than 40 years of experience in the financial services industry, Somerville has built a relationship-focused business that serves a range of clients, including business owners, professionals and high-net-worth families. He takes a comprehensive approach to financial planning, helping clients to create customized strategies based off their unique needs and aspirations.

“Building relationships has always been my passion, and I make a point to truly listen to clients as they discuss their financial dreams, concerns and goals,” said Somerville, who is supported by registered Client Service Associate Debora McKenzie-Jakushak. “By getting to know clients on a personal level, I’m able to develop personalized plans to maximize their goals and help ensure a meaningful financial legacy.”

Seeking a new wealth management firm, Somerville turned to Linsco by LPL for its innovative technology and enhanced service experiences. Linsco serves financial advisors seeking the core tenets of independence, including owning their client relationships and having flexibility to run their practice, their way. With Linsco, advisors have access to LPL’s integrated wealth management platform and robust business resources, along with the additional benefits of having support from an experienced branch management team, dedicated marketing consultant and other resources that allow advisors to focus on their clients.

“I was looking for a firm that would provide my clients with the best opportunities moving forward,” Somerville said. “I’m impressed by LPL’s optionality and structure, along with its industry-leading tools and capabilities that will create better user experiences for my clients, with single sign-on and easy access to their account information. I’m confident that I’ve found a home where I can continue to grow my practice and provide clients with the highest level of service.”

Scott Posner, LPL Executive Vice President, Business Development, said, “We extend a warm welcome to John as he joins LPL and establishes Somerville Wealth Management. Linsco was created to help advisors such as John own and manage a thriving practice, while enjoying comprehensive operational support and the benefits of being an employee of LPL. We look forward to supporting Somerville Wealth Management for years to come.”

Related

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About LPL Financial

LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports more than 28,000 financial advisors and the wealth management practices of 1,200 financial institutions, servicing and custodying approximately $1.8 trillion in brokerage and advisory assets on behalf of 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker dealer, member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States.

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

*Value approximated based on asset and holding details provided to LPL from mid-year 2024

Media Contact: 
Media.relations@LPLFinancial.com 
(704) 996-1840

Tracking #672885

FAQ

How much in assets did John Somerville bring to LPL Financial (LPLA) in January 2025?

John Somerville brought approximately $280 million in advisory, brokerage and retirement plan assets to LPL Financial when joining in January 2025.

What is the total asset value managed by LPL Financial (LPLA) as of 2025?

LPL Financial services and custodies approximately $1.8 trillion in brokerage and advisory assets on behalf of 6 million Americans.

How many financial advisors does LPL Financial (LPLA) support?

LPL Financial supports more than 28,000 financial advisors and the wealth management practices of 1,200 financial institutions.

Which firm did John Somerville leave to join LPL Financial's Linsco channel?

John Somerville joined LPL Financial's Linsco channel from D.A. Davidson & Co.

Where will Somerville Wealth Management's new Linsco office be located?

The new Linsco office for Somerville Wealth Management will be located in Santa Barbara, California.