LPL Adds $600M UBS Team to Employee ChannelLPL Adds $600M UBS Team to Employee Channel

LPL Financial has added a Franklin, Tenn.-based advisor with about $600 million in client assets from UBS. Advisor Austin Greer launched Oxford Oaks Capital, operating under LPL’s employee advisor channel, Linsco by LPL Financial.  

Greer spent the last 17 years of his career at UBS, focusing on retirement income, tax and estate planning for high-net-worth clients, including business owners and doctors. He’s joined by wealth advisor John Dunahoo, who has been with the team for more than 11 years, and Senior LPL Registered Service Associate Stephanie DePriest, who joined in 2020.

“LPL’s robust investment in resources and technology was a compelling factor in our decision to make this transition,” Greer said in a statement. “We anticipate increased office efficiencies, streamlined operations and enhanced service capabilities. We also appreciate the pro-advisor culture at LPL and the flexibility to build a practice on our terms.”

Advisors under the Linsco model retain their market-facing identity but are W-2 employees of the broker/dealer. They have access to LPL’s wealth management platform, business resources, branch management support, a dedicated marketing consultant, a technology consultant and a service team.

LPL seeded its W-2 employee model with its 2019 acquisition of Allen & Company, a Florida-based b/d with 30 advisors and $3 billion in managed assets.

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In 2022, LPL acquired the private client group of Conshohocken, Pa.-based investment bank Boenning & Scattergood, which included about 40 advisors and $5 billion in brokerage and advisory assets. That firm also joined Linsco.

According to LPL, the Linsco W-2 employee model leaves advisors “free to call the shots,” with payouts ranging from 50% to 70% of their production while maintaining full control of client relationships.

This follows news earlier this month that Carnegie Private Wealth, a $1 billion RIA that is part of LPL Financial’s supported independence channel, hired four new advisors two years after the founders left Wells Fargo Advisors.

UBS, however, is expected to continue to lose advisors, according to Diamond Consultants’ latest Advisor Transition Report, released earlier this month. The report states that compensation changes and executive talks about cost-cutting are rubbing UBS advisors the wrong way, filling the pipelines of the other wirehouses and b/ds.