LPL Financial Welcomes Southwest Advisory Group to Linsco Channel

Rhea-AI Summary

LPL Financial (LPLA) announced that financial advisors Steve Schulte and Melissa Toler Short have joined LPL's employee advisor channel, Linsco by LPL Financial, to launch Southwest Advisory Group. The team, previously with Ameriprise, reported serving approximately $300 million in advisory, brokerage and retirement plan assets.

Based in Yuma, Arizona, the advisors chose Linsco for its independence model, allowing them to own client relationships while accessing LPL's integrated wealth management platform and business resources. The move represents a return to LPL for Schulte, who was previously with the firm from 2010 to 2014.

LPL Financial currently supports nearly 29,000 financial advisors and approximately 1,200 financial institutions, servicing and custodying about $1.7 trillion in brokerage and advisory assets on behalf of approximately 6 million Americans.

Positive

• Addition of team managing $300 million in assets strengthens LPL's market presence
• Expansion of Linsco channel footprint in Arizona market
• Company maintains strong asset position with $1.7 trillion under custody

Negative

• None.

Insights

Wealth Management Industry Analyst

The acquisition of Southwest Advisory Group, managing $300 million in assets, represents more than just an addition to LPL Financial's advisor network - it's a strategic move that strengthens LPL's competitive position in the evolving wealth management landscape. Based on typical revenue-sharing arrangements in the industry, this acquisition could generate approximately $2.4-3 million in annual revenue for LPL, assuming a 0.8-1% average fee structure.

The transition highlights three key strategic advantages for LPL:

• The Linsco channel offers a compelling hybrid model that addresses a growing industry trend where advisors seek operational independence while maintaining institutional support - a sweet spot between full independence and traditional employee models.
• Geographic expansion in Arizona enhances LPL's presence in a high-growth market characterized by wealth migration and retirement demographics.
• The recruitment success demonstrates LPL's ability to attract established teams from major competitors like Ameriprise, particularly significant given Schulte's previous experience with LPL.

This addition contributes to LPL's impressive scale of $1.7 trillion in assets under custody, reinforcing their position as one of the fastest-growing wealth management firms. The transition also reflects broader industry dynamics where advisors increasingly prioritize technological infrastructure and operational flexibility over traditional wirehouse models.

The team's focus on collaborative relationships with CPAs and attorneys aligns with LPL's platform strategy, which emphasizes comprehensive wealth management services. This approach typically results in higher client retention rates and more stable revenue streams through market cycles.

SAN DIEGO, Feb. 12, 2025 (GLOBE NEWSWIRE) -- LPL Financial LLC (Nasdaq: LPLA) announced today that financial advisors Steve Schulte, CFP®, MBA, and Melissa Toler Short have joined LPL’s employee advisor channel, Linsco by LPL Financial, to launch Southwest Advisory Group. They reported serving approximately $300 million in advisory, brokerage and retirement plan assets* and join LPL from Ameriprise.

Based in Yuma, Ariz., Schulte has provided financial guidance and wealth management for 25 years following an initial career in agriculture. Short transitioned from the hospitality industry to financial services in 2006. The advisors met at their local Rotary Club, striking up a friendship and eventual partnership, recognizing their skillsets, values and vision for their practice complemented each other. They are known for their collaborative approach, working closely with CPA firms and attorneys to provide holistic services that address each client’s entire financial situation. The team also includes client service associates Rhonda Kirk and Maren Green.

As they considered what’s best for the future of their growing practice, the advisors turned to Linsco by LPL. The move marked a return to LPL for Schulte, who was previously with the firm from 2010 to 2014.

Why they made the move to Linsco by LPL

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 support from an experienced branch management team, dedicated marketing consultant and other resources that allow advisors to focus on their clients.

“Our move to LPL is a strategic decision that aligns with our desire for greater independence and autonomy,” said Schulte. “LPL’s commitment to advisor support and its absence of corporate influence and proprietary products make it the ideal partner as we seek new ways to elevate our practice and create differentiated experiences for clients.”

Short added, “LPL is the right fit because they are focused on taking care of advisors, allowing us to optimize our practice and run it how we see fit. LPL’s leadership understands the relationship between advisor and clients is key, and they offer ample tools and resources to enhance that relationship. With Linsco, especially, we can turn over day-to-day management of operational tasks and concentrate on what we want to do most: help our clients and grow our business.”

Both Schulte and Short are deeply involved in their community, with long-term memberships in Rotary International and the Yuma Elk Lodge. They emphasize the importance of community service and giving back.

Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome Steve and Melissa to the Linsco community and congratulate them on the launch of Southwest Advisory Group. At LPL, we are committed to creating a differentiated and compelling experience for both advisors and their clients. We do that by offering unprecedented flexibility, strategic resources and innovative technology designed to help advisors deliver great advice and run thriving practices. We are excited to expand our Linsco footprint in Arizona and look forward to a long-lasting relationship with the entire team at Southwest Advisory Group.”

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 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.

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 as reported to LPL

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

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FAQ

How much in assets did Southwest Advisory Group bring to LPL Financial (LPLA)?

Southwest Advisory Group reported serving approximately $300 million in advisory, brokerage and retirement plan assets when joining LPL Financial.

What is the total amount of assets under custody at LPL Financial (LPLA) as of 2025?

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

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 Southwest Advisory Group leave to join LPL Financial (LPLA)?

Southwest Advisory Group joined LPL Financial from Ameriprise.

What is Linsco by LPL Financial (LPLA)?

Linsco is LPL Financial's employee advisor channel that offers advisors independence to own their client relationships while providing access to LPL's integrated wealth management platform and business resources.