Key Takeaways
- • LPL Financial announced on December 14, 2016 that 21 of its advisors appear on Bank Investment Consultant's (BIC) 2016 "Top 100 Bank Advisors" ranking of bank and credit union advisors.
- • James Christy of Northwest Federal Credit Union ranked #7, the highest-placed LPL-affiliated advisor on the list.
- • The ranking scores advisors on six variables, including 2016 assets under management, trailing-12-month production, AUM and production growth, fee-based business, and production-to-AUM ratio.
- • LPL Financial Institution Services says it provides third-party investment services to approximately 750 banks and credit unions nationwide, citing the 2015/2016 Kehrer Bielan TPM Survey.
Summary
LPL Financial said 21 of its advisors were recognized in the 2016 "Top 100 Bank Advisors" ranking published by Bank Investment Consultant (BIC), an information source for bank and credit union financial advisors. The company announced the results in a release last updated December 14, 2016. Arthur Osman, executive vice president of Business Consulting at LPL Financial, congratulated the honorees and said the company was pleased to see so many LPL-affiliated advisors singled out as among the best in the industry.
The annual list recognizes bank and credit union advisors in the United States based on several measures: 2016 assets under management, percentage growth in AUM and production, the amount of fee-based business, and the ratio of production to AUM. According to the methodology described in the release, BIC assigned each advisor a score between 1 and 11 on six variables. AUM was measured as of August 31, 2016, and trailing-12-month production covered the period ending that date.
The LPL-affiliated honorees span a range of rankings. James Christy of Northwest Federal Credit Union placed seventh and Russell Cesari of the same credit union placed 15th. Gregory Stahl of The Bank of Tampa ranked 18th, and Jerry Toney of Cadence Bank ranked 31st. Other recognized advisors include Joseph Cappello and Allen Cantoni of ESL Federal Credit Union, Raymond Beloin, Matthew O'Connor, Jason Giordano and Robert Cosentino of Webster Bank, and Christian Gehlen of ESL Federal Credit Union at No. 100. Several advisors are affiliated with Mountain America Credit Union, Kennebunk Savings Bank, First Midwest Bank and MidWestOne Bank.
LPL noted that its Institution Services unit provides third-party investment services, insurance and consulting to banks and credit unions, offering resources and technology to support their wealth management programs. The company stressed that LPL Financial, Bank Investment Consultants and the listed banks and credit unions are separate entities. The full BIC Top 100 list is available at bankinvestmentconsultant.com.
The annual list recognizes bank and credit union advisors in the United States based on several measures: 2016 assets under management, percentage growth in AUM and production, the amount of fee-based business, and the ratio of production to AUM. According to the methodology described in the release, BIC assigned each advisor a score between 1 and 11 on six variables. AUM was measured as of August 31, 2016, and trailing-12-month production covered the period ending that date.
The LPL-affiliated honorees span a range of rankings. James Christy of Northwest Federal Credit Union placed seventh and Russell Cesari of the same credit union placed 15th. Gregory Stahl of The Bank of Tampa ranked 18th, and Jerry Toney of Cadence Bank ranked 31st. Other recognized advisors include Joseph Cappello and Allen Cantoni of ESL Federal Credit Union, Raymond Beloin, Matthew O'Connor, Jason Giordano and Robert Cosentino of Webster Bank, and Christian Gehlen of ESL Federal Credit Union at No. 100. Several advisors are affiliated with Mountain America Credit Union, Kennebunk Savings Bank, First Midwest Bank and MidWestOne Bank.
LPL noted that its Institution Services unit provides third-party investment services, insurance and consulting to banks and credit unions, offering resources and technology to support their wealth management programs. The company stressed that LPL Financial, Bank Investment Consultants and the listed banks and credit unions are separate entities. The full BIC Top 100 list is available at bankinvestmentconsultant.com.
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