LPL Financial has recruited The Noble Group, an advisor team with about $2.1 billion in client assets, from Raymond James. The news comes in the wake of LPL’s firing of CEO Dan Arnold this week.
The Noble Group, founded in 1996 by Tom Noble, is based in Sugar Land, Texas, with an additional office in Dallas. It has nine advisors and 13 support staff members.
As a result of the move, Noble will retire from his role as president and CEO, while Joey Rose, who joined the firm in 2011, will take over his duties.
“We believe LPL offers us the next level of independence, allowing us to select the financial planning software and resources that are most suitable for our clients,” Rose said in a statement. “Today’s clients want and need financial planning, and that’s where advisors can add more value to relationships. We appreciate that LPL provides a blank canvas and the autonomy to create the service model of our choice.”
The team also believes the move will boost its recruiting of next-generation advisors.
On Tuesday, LPL’s board of directors terminated President and CEO Dan Arnold for cause this week, citing violations of respectful workplace policies. He also resigned from the board, and Rich Steinmeier, managing director and chief growth officer, was named interim CEO, effective immediately.
Some analysts covering the firm maintained their ratings on LPL, saying this will not materially impact the day-to-day operations of the firm.