LPL Financial Welcomes Lex Wealth Management

Rhea-AI Summary

LPL Financial (LPLA) announced that financial advisors Carmen M. Lex Jr. and Chris Lex have joined their platform, bringing approximately $630 million in advisory, brokerage and retirement plan assets from Corebridge Financial. The Lex brothers, based in Marlton, N.J., have established Lex Wealth Management, specializing in financial planning with expertise in pension and social security analysis.

The move to LPL Financial represents their transition to independence, driven by their desire to provide more personalized options for clients in distribution phases. They will benefit from LPL's technology, business resources, and comprehensive product selection. LPL Financial currently supports nearly 29,000 financial advisors and approximately 1,200 financial institutions, with approximately $1.7 trillion in brokerage and advisory assets under management on behalf of approximately 6 million Americans.

Positive

• Addition of $630 million in managed assets to LPL's platform
• Expansion of advisor network strengthening LPL's market position
• Growth in institutional client base through strategic recruitment

Negative

• None.

Insights

Financial Services Industry Analyst

The recruitment of Lex Wealth Management represents a significant win for LPL Financial, bringing $630 million in managed assets to their platform. This acquisition is particularly notable as it continues LPL's strategic focus on attracting high-value advisory practices, which typically generate higher revenue per advisor than smaller practices.

The transition aligns with a broader industry shift where established advisors are increasingly seeking independence from traditional wirehouses and insurance-owned broker-dealers. For LPL, these recruitment wins are important as they typically generate multiple revenue streams through advisory fees, commission splits and platform fees, usually ranging from 85-100% of the previous year's production in terms of revenue contribution.

Looking at the competitive landscape, this recruitment demonstrates LPL's strong position in the independent channel. With nearly 29,000 advisors and $1.7 trillion in custodied assets, LPL continues to leverage its scale and technology investments to attract established practices. The company's ability to win these competitive recruitment battles against other independent platforms and traditional firms indicates the strength of their value proposition.

From a business perspective, these transitions are particularly valuable because:

• High-AUM practices typically have more stable revenue streams and higher client retention rates
• The addition contributes to LPL's recurring revenue base, as a significant portion of the $630 million is likely in advisory assets
• Established practices like Lex Wealth Management often bring sophisticated client relationships that can lead to additional asset gathering opportunities

This recruitment also validates LPL's platform investment strategy and their focus on providing comprehensive support for transitioning advisors. The firm's continued ability to attract substantial practices suggests strong execution of their growth strategy and positions them well in the ongoing consolidation of the wealth management industry.

SAN DIEGO, Feb. 11, 2025 (GLOBE NEWSWIRE) -- LPL Financial LLC announced today that financial advisors Carmen M. Lex Jr., CFP^®, RICP^®, and Chris Lex, CRPC^®, have joined LPL Financial’s broker-dealer, Registered Investment Advisor (RIA) and custodial platforms. The brothers reported serving approximately $630 million in advisory, brokerage and retirement plan assets* and join LPL from Corebridge Financial, formerly Valic, a subsidiary of AIG.

Based in Marlton, N.J., Carmen and Chris have built a reputation for delivering tailored investment strategies and quality service since they teamed up in 2014. They specialize in financial planning, and both have significant experience in pension and social security analysis, including the intricacies of the Public School Employees’ Retirement System. The Lex brothers credit their grandmother and parents as inspiration for their financial journey.

“We had a lot of people who guided us to where we are today, especially our grandmother who taught us the importance of saving from a young age,” said Chris Lex. “That fueled our drive to help others with important financial decisions. We are committed to educating and empowering individuals and families to take control of their financial futures.”

Why they made the move to LPL Financial

After more than 15 years in the industry, Carmen and Chris realized their shared vision for delivering personalized, independent financial guidance. They decided to reshape their approach, prioritize independence and build a firm focused on providing tailored strategies and exceptional client service. This spurred their move to LPL and the creation of Lex Wealth Management.

“As we work with more clients in the distribution phases, we realized there are more personalized options available to us as independent advisors,” said Carmen. “By joining LPL Financial, we’ll benefit from innovative technology, strategic business resources, a comprehensive product selection and the support of an industry-leading wealth management firm. This move gives us everything we need to be better advisors and do right by our clients.”

Scott Posner, LPL Executive Vice President, Business Development, said, “We extend a warm welcome to Carmen and Chris and congratulate them on the move to independence. With more freedom and flexibility, financial advisors who choose LPL are able to work more effectively, run thriving practices and create value for the evolving needs of their clients. We look forward to supporting Lex Wealth Management for years to come.”

Related

Advisors, learn how LPL Financial can help take your business to the next level.

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 nearly 29,000 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 approximately 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. Lex Wealth Management 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, 2024.

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

Tracking #690597

FAQ

How much in assets did Lex Wealth Management bring to LPL Financial (LPLA)?

Lex Wealth Management brought approximately $630 million in advisory, brokerage and retirement plan assets to LPL Financial.

What is LPL Financial's (LPLA) total assets under management as of 2025?

LPL Financial services and custodies approximately $1.7 trillion in brokerage and advisory assets.

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

LPL Financial supports nearly 29,000 financial advisors and approximately 1,200 financial institutions.

Which firm did the Lex brothers leave to join LPL Financial (LPLA)?

The Lex brothers joined LPL Financial from Corebridge Financial, formerly Valic, a subsidiary of AIG.

What specializations do the Lex brothers bring to LPL Financial (LPLA)?

They specialize in financial planning, pension and social security analysis, including expertise in the Public School Employees' Retirement System.