LPL Financial Welcomes Rockview Private Wealth

Rhea-AI Summary

LPL Financial (Nasdaq: LPLA) announced that financial advisor Alberto Francis has joined their LPL Private Wealth Management model to launch Rockview Private Wealth. Francis, formerly with Bank of America Private Bank, reported serving approximately $725 million in assets. The move allows Francis to shift focus from banking to investments, planning, and customized services for high-net-worth clients.

LPL Private Wealth offers independence with support, providing enhanced services, expanded capabilities, and access to an exclusive high-net-worth advisor community. Francis chose LPL for its broader range of services, resources, and ability to craft client-focused strategies without proprietary product limitations. The name 'Rockview' pays homage to Francis' Irish heritage and symbolizes stability, security, and vision for his new practice.

Positive

• Acquisition of financial advisor Alberto Francis, who manages approximately $725 million in assets
• Expansion of LPL's high-net-worth-focused employee affiliation model
• Increased ability to offer sophisticated resources and personalized service to affluent clients

Negative

• None.

SAN DIEGO, Aug. 07, 2024 (GLOBE NEWSWIRE) -- LPL Financial LLC announced today that financial advisor Alberto Francis has joined LPL Financial’s high-net-worth-focused employee affiliation model, LPL Private Wealth Management, to launch Rockview Private Wealth. He reported having served approximately $725 million in advisory, brokerage and retirement plan assets* and joins LPL from Bank of America Private Bank.

Francis, the son of Irish and Mexican immigrants, is a former NCAA Champion and All-American from UCLA and a professional tennis player, who spent three years on tour — including an appearance at Wimbledon. After completing his MBA from Stanford in 2011, he joined the financial services industry. He’s steadily grown his practice over the years by cultivating meaningful relationships and making a positive impact on his clients’ lives.

Currently based in Houston, Francis works closely with business owners, executives, athletes and medical & law professionals in the high-net-worth community. As he prepares for the next stage of his career, Francis plans to shift focus from the banking side of the business to investments, planning and customized services.

“I’ve had an entrepreneurial mindset for a long time and am excited to finally have my own practice where I can prioritize client relationships and truly put their interests first,” Francis said. “I’ve gained the necessary business experience to make a successful move into the independent space and look forward to having more control over the next chapter of my career.”

Looking for the right blend of independence and support to create his ideal boutique practice, Francis turned to LPL Private Wealth.

Tailored to the needs of high-net-worth-focused advisors, LPL Private Wealth is an independent employee advisor affiliation model featuring a comprehensive array of services and support to enhance client service delivery and business growth while upholding the tenets of independence. LPL Private Wealth advisors enjoy the benefits of industry-leading payouts, client ownership and business autonomy while gaining access to enhanced service, expanded capabilities and an exclusive high-net-worth advisor community. LPL has developed focused resources including advanced estate and philanthropic planning, income tax strategy, trustee services, alternative investments platform, banking and lending solutions, and complex life insurance planning as well as a curated network of third-party specialists.

“I am looking forward to accessing a broader range of services and resources to offer more nuanced and sophisticated plans,” Francis said. “The ability to craft dynamic, client-focused strategies without the limitations of proprietary products means I can focus on what’s best for my clients and their futures.”

Francis chose “Rockview” for his new practice to pay homage to the iconic Irish scenery surrounding the estate where five generations of his family have called home. He said Rockview also symbolizes stability, security, vision, endurance and clarity, all which are essential for a private wealth firm.

LPL Executive Vice President Scott Posner, Business Development, said, “We welcome Alberto to LPL and congratulate him on the launch of Rockview Private Wealth. The LPL Private Wealth model is designed to provide high-net-worth-focused advisors with the independence they seek while offering a comprehensive suite of sophisticated resources and support. LPL empowers our advisors with advanced tools and resources that enhance their ability to serve affluent clients and deliver the sophisticated solutions and personalized service they need.”

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About LPL Financial
LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that LPL should work for advisors and institutions, and not the other way around. Today, LPL is a leader in the markets we serve, serving more than 23,000 financial advisors, including advisors at approximately 1,000 institutions and at approximately 580 registered investment advisor ("RIA") firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial professional. At LPL, independence means that advisors and institution leaders have the freedom they deserve to choose the business model, services and technology resources that allow them to run a thriving business. They have the flexibility to do business their way. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors and institutions, so they can take care of their clients.

Securities and Advisory services offered through LPL Financial LLC ("LPL Financial"), a registered investment advisor. Member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States. LPL Financial representatives offer access to trust services through The Private Trust Company N.A., an affiliate of LPL Financial.

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.

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FAQ

How much in assets did Alberto Francis manage before joining LPL Financial (LPLA)?

Alberto Francis reported serving approximately $725 million in advisory, brokerage and retirement plan assets before joining LPL Financial.

What is the name of Alberto Francis' new practice with LPL Financial (LPLA)?

Alberto Francis launched Rockview Private Wealth under LPL Financial's Private Wealth Management model.

Where was Alberto Francis working before joining LPL Financial (LPLA)?

Alberto Francis was previously working at Bank of America Private Bank before joining LPL Financial.

What type of clients does Alberto Francis serve at LPL Financial (LPLA)?

Alberto Francis works closely with business owners, executives, athletes, and medical & law professionals in the high-net-worth community.