LPL Financial Lands Four Wealth Practices With $2.035 Billion

Four wealth management practices representing approximately $2.035 billion in combined client assets have joined LPL Financial, the firm announced. SteadRock Private Wealth, FHT Advisors, Impel Wealth Management and Sound Foundation Wealth Advisors affiliated with LPL's broker-dealer and Registered Investment Advisor platforms over the last several days. The reported assets cover advisory, brokerage and retirement plan accounts.

The recruiting win lands at LPL's scale. The firm supports more than 32,000 financial advisors and the wealth management practices of roughly 1,100 financial institutions. It services and custodies approximately $2.6 trillion in brokerage and advisory assets for about 8 million Americans.

Who joined, and from where?

The four arrivals differ in size and origin:

• SteadRock Private Wealth: $185 million, launched by Nate Hershman from Edward Jones in North Canton, Ohio.
• FHT Advisors and Impel Wealth Management: approximately $1.15 billion combined, both Ohio-based, joining from Cetera and keeping separate identities.
• Sound Foundation Wealth Advisors: approximately $700 million, joining from Cambridge Investment Research Advisors, headquartered in Boise, Idaho.

What does each practice do?

Nathan J. "Nate" Hershman left Edward Jones to build an independent practice. SteadRock serves families, individuals near or in retirement, and business owners, including those in manufacturing. Its planning links investments and retirement needs to business interests, charitable priorities and financial legacies.

Hershman framed his client approach in personal terms. "Behind a financial plan is a person, a family and a set of decisions that matter to them," he said. "I want to understand what clients are working toward, what concerns them and what they want their wealth to support before we begin discussing strategies."

He said LPL lets him operate under his own brand. "Building SteadRock gives me the opportunity to put my approach into practice under my distinctive brand that reflects my values," Hershman said. "LPL provides resources to support that work while I focus on developing relationships and helping clients navigate the decisions ahead."

Why did the Ohio pair move together?

FHT Advisors, led by Brian Toma, serves clients across 32 states — professionals, medical professionals, younger families and retirees. It runs as an ensemble practice. The advisory team includes Sarah Stewart, Tom Drager, Tammy Hafner, Bruce Baker, Bear Rupert, Jonathan Goldston, Seann Schaller and financial consultant Stephen Ehrhardt.

"We've intentionally built FHT as an ensemble because we believe clients benefit when multiple advisors are thinking about their financial lives," Toma said. "LPL gives us access to the technology, resources and capabilities to build on that approach and continue elevating the client experience."

Impel Wealth Management, led by Jesse Hurst, began serving corporate executives around Akron and grew into multigenerational wealth management. Advisors Nathan Ollish and Irene Zurowski work alongside Hurst; Ollish serves many next-generation clients, while Zurowski focuses on retirement plans and female executives. The firm works with dozens of families across at least two generations and more than a dozen across three generations.

Hurst and Toma have worked alongside one another for 25 years, exchanging ideas while running independent firms. "We also believe strongly in sharing ideas with our peers," Hurst said. "That abundance mentality makes all of us better advisors and helps us build stronger practices for the clients and families we serve." He added that a visit to LPL's San Diego office left the team "excited about what we can accomplish in this next chapter."

What drove Sound Foundation's move?

Sound Foundation Wealth Advisors was founded by Nathan Downs and Cory Thomas in 2018. Its advisors also include Seth Church, Cameron Church, Caleb Whalen, Kason Wedel, Dustin Olson and Cory McLeaf. The firm has built shared operations and business processes to support a nationwide advisory team serving technology, healthcare and higher education professionals plus business owners.

Downs described the planning philosophy. "We don't believe in starting with a model and asking the client to fit into it," he said. "We want the planning, investments and ongoing guidance to reflect their individual goals and circumstances." Co-founder Thomas cited LPL's grasp of where the broker-dealer business is heading: "We saw a company that is taking its investment in the advisor experience seriously and is continually looking at how it can improve."

LPL executives tied the recruiting to the firm's growth pitch. "Brian and Jesse have each built highly collaborative practices centered on thoughtful planning, strong relationships and a genuine commitment to helping clients and colleagues succeed," said Ken Hullings, Head of Advisor Recruiting and EVP of Business Development. Chief Growth Officer Marc Cohen said Sound Foundation's structure "creates the support and structure for advisors to grow while keeping the client relationship personal."

Every incoming team cited the same levers: technology, planning resources and room to grow — the terms on which LPL now competes for billion-dollar teams.