LPL Financial Welcomes Financial Advisor Francisco J. Blanco

Rhea-AI Summary

LPL Financial announced that financial advisor Francisco J. Blanco has joined their platforms, bringing approximately $200 million in assets from JP Morgan Chase. Blanco has merged with Stonebrook Wealth Management, founded by Joe Mazzucco in 2019, forming Stonebrook Wealth Partners in Fort Lauderdale, FL.

The merger follows Blanco's decision to become independent after 12 years in financial services. Stonebrook Wealth Partners offers financial guidance, fiduciary investment management, and retirement planning services without sales goals or proprietary products. The firm also provides business support services to other financial advisors.

LPL Financial (LPLA) currently supports over 28,000 financial advisors and approximately 1,200 financial institutions, managing about $1.7 trillion in brokerage and advisory assets for 6 million Americans.

Positive

• Acquisition of advisor with $200 million in assets under management
• Strategic expansion through merger with existing LPL-affiliated firm
• Growth in advisor network contributing to LPL's $1.7 trillion in managed assets

Negative

• None.

Insights

Financial Analyst

The addition of Francisco Blanco brings $200 million in assets to LPL Financial's platform, representing a notable acquisition from JP Morgan Chase. This move strengthens LPL's market position in Florida and adds to their impressive $1.7 trillion in total managed assets. The merger with Stonebrook Wealth Management creates a more robust wealth management entity, potentially driving additional revenue through their expanded service offerings and turn-key business support model for other advisors. While positive for LPL's growth strategy, the impact is relatively modest given LPL's scale, representing approximately 0.012% of their total assets under management. The business model of supporting independent advisors with technology and operational resources continues to prove attractive in recruiting established professionals from traditional banking institutions.

Market Research Analyst

This recruitment reflects the broader industry trend of financial advisors seeking independence from traditional wirehouses and banks. The migration of seasoned advisors to independent platforms continues to benefit LPL's growth strategy. Their model of providing comprehensive support services while allowing advisors to maintain autonomy is particularly appealing to established professionals with significant client bases. The formation of Stonebrook Wealth Partners through this merger demonstrates LPL's ability to facilitate practice expansion and succession planning - key considerations for advisors in the current market environment. The focus on offering turn-key business support could accelerate future advisor recruitment and asset gathering.

SAN DIEGO, Dec. 09, 2024 (GLOBE NEWSWIRE) -- LPL Financial LLC announced today that financial advisor Francisco J. Blanco has joined LPL Financial’s broker-dealer, RIA and custodial platforms. Blanco reported having approximately $200 million in advisory, brokerage and retirement plan assets* and joins from JP Morgan Chase.

With the move, Blanco merged with existing firm Stonebrook Wealth Management, founded in 2019 by fellow JP Morgan veteran Joe Mazzucco. The merger results in the formation of Stonebrook Wealth Partners.

Based in Fort Lauderdale, FL., Blanco provides tailored financial planning and investment strategies to his clients and specializes in areas such as retirement planning, tax-efficient investing and estate investment planning. His approach is centered around building lasting relationships, understanding each client’s unique goals and developing personalized solutions that align with their long-term objectives. Often leveraging his extensive network of professionals for the benefit of his clients, Blanco is fully committed to intentionally helping his clients navigate their entire financial journey with confidence and transparency.

“I became an independent financial advisor to remove the glass ceiling,” said Blanco. “I believe the best way to offer financial guidance is to be free of corporate mandates, sales quotas and limitations. LPL is in the business of supporting independent advisors and provides the technology, autonomy and resources that Stonebrook needs to deliver the best possible experience to my clients.”

New partnership and new firm name

After 12 years in financial services, Blanco decided to tap into his entrepreneurial side by partnering with Mazzucco and LPL for the next chapter of his career.

“The deeply personal and important decision to merge with Joe followed a year-long due diligence process,” Blanco said. “Together, our shared mission is rooted in the belief that personalized and independent financial advice is a fundamental need for everyone, and we are passionate about building a firm where both clients and colleagues feel a part of something special.”

“I am thrilled to join forces with Francisco,” Mazzucco said. “He is a high-caliber and experienced financial advisor with a passion for helping others. He is dedicated to his craft and will be a great resource to our firm as we build out our team and service experiences.”

Stonebrook Wealth Partners offers financial guidance, fiduciary investment management and retirement planning services to individuals, families and businesses with no sales goals, no proprietary products and the flexibility to work with many of the world’s largest and most respected asset managers. In addition to serving clients, Stonebrook looks forward to being the partner of choice for other financial advisors by offering turn-key business support including administrative staff, operational resources, marketing, transition consulting, office space and more.

Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome Francisco to LPL and congratulate him on his move to independence. I’d also like to congratulate Joe on Stonebrook’s continued growth and success. As their strategic partner, we are committed to delivering the support they need to help them run their business seamlessly and add value to their clients. We look forward to supporting Stonebrook Wealth Partners for many 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 approximately 1,200 financial institutions, servicing and custodying approximately $1.7 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. Stonebrook Wealth Partners and LPL are separate entities.

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 end of year, 2023.

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

Tracking #664098

FAQ

How much in assets did Francisco Blanco bring to LPL Financial (LPLA)?

Francisco Blanco brought approximately $200 million in advisory, brokerage and retirement plan assets to LPL Financial from JP Morgan Chase.

What is the total asset value managed by LPL Financial (LPLA) as of December 2024?

LPL Financial services and custodies approximately $1.7 trillion in brokerage and advisory assets on behalf of 6 million Americans.

What new entity was formed when Francisco Blanco joined LPL Financial (LPLA)?

When Francisco Blanco joined LPL Financial, he merged with Stonebrook Wealth Management to form Stonebrook Wealth Partners, based in Fort Lauderdale, FL.