Report: Bleakley, Wealth Enhancement Cutting LPL Ties

Two RIAs managing over $100B in assets are allegedly dropping their brokerage affiliations with LPL Financial, according to multiple media reports.

Bleakley Financial Group is reportedly considering the transition of its brokerage assets from LPL, according to Bleakley COO Vincent Nauheimer in a CityWire report, but said the $10B RIA will “remain committed to [its] custodial relationship with LPL.”

Meanwhile, the $96B Wealth Enhancement Group (WEG) confirmed it will break over 17 years of affiliation with LPL, with both parties already working toward a “smooth transition” during the separation, unnamed spokespeople from both WEG and LPL told media outlets. WEG told WealthManagement.com it is “working in close cooperation” moving the approximately 10% of its client assets that are LPL affiliated “to other custodians and partners.”

Reports of major RIAs leaving the platform surfaced in July, when then-LPL CEO Dan Arnold said in an earnings call that two firms were departing. One of them was later identified to be $11.8B RIA Merit Financial, which has since moved its broker-dealer business to Purshe Kaplan Sterling Investments.

Written By: Dakota

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