Key Takeaways
LPL Financial has recruited a team of advisors from UBS managing approximately $330 million in client assets, a move that expands its independent advisory model with the launch of Paxara Wealth Partners in Florida. The May 7 announcement continues a steady stream of advisor acquisitions for LPL, reinforcing its strategy of growing its asset base by attracting established talent from rival wirehouse firms.
“Our move to LPL was driven by a desire for better technology, greater independence and the freedom to serve our clients fully and objectively,” said Doug Rathbun, a vice president and financial advisor with the new firm. “LPL allows us to elevate the client experience, collaborate more effectively and advocate for clients across areas like lending – without being limited to a single provider.”
The new practice, based in Winter Haven, is led by Conley Thornhill, who was named a Forbes Best-In-State Wealth Advisor for five consecutive years through 2025. The team, which also includes advisors Nikki Rathbun and Joseph Kolad, serves business owners, physicians, and executives. It reported the $330 million in advisory, brokerage, and retirement plan assets upon joining LPL’s employee-advisor platform.
The recruitment highlights the ongoing battle for talent among wealth management firms, where the scale and technology of platforms like LPL’s—supporting about $2.3 trillion in total assets—are a key draw for advisors leaving larger, more restrictive wirehouse environments like UBS. This trend is a primary growth driver for LPL, directly contributing to its asset base and market position against competitors.
The Paxara team brings a range of credentials that are central to the wealth management industry.
LPL's successful recruitment of the Paxara team is a clear example of a persistent trend in the wealth management industry: the move from wirehouse firms (large, integrated banks like UBS or Morgan Stanley) to independent or quasi-independent platforms. Advisors often make this switch seeking more flexibility, better technology, and the ability to offer a wider range of products without the pressure to sell proprietary funds.
For LPL Financial, each new team represents not just an increase in assets under management—a key metric for investors—but also a validation of its platform and business model. The firm's stock performance is closely tied to its ability to continue attracting and retaining high-producing advisors. This steady flow of incoming teams provides a recurring source of growth and strengthens LPL's competitive position as a leading destination for independent-minded financial advisors.
This article is for informational purposes only and does not constitute investment advice.
