Broker-dealer Arkadios Capital of Atlanta has recruited an $850 million AUM advisory group from LPL Financial, according to a press release.
Gulf Coast Wealth Management, based in New Orleans, is a division of Gulf Coast Bank and was affiliated with LPL for more than 20 years, the release said.
Arkadios, a hybrid broker-dealer with more than $11 billion in AUM, has been on a fast track for growth, adding 15 advisory groups and nearly $3 billion in new assets to its platform in 2023. Gulf Coast is the fifth advisor group the company has brought on board this year, giving it more than 220 advisors across the nation and in Puerto Rico, a company spokesman said.
"Joining Arkadios Capital is a strategic move for Gulf Coast Wealth Management, marking the culmination of a two-year process to select the best broker-dealer for our advisors and clients," Jason King, Gulf Coast's wealth management director, said in a prepared statement. "Arkadios’s commitment to advisor independence, industry-leading technology and high-performance culture aligns with our mission to be the premier wealth management firm on the Gulf Coast. Throughout this transition, we've witnessed their dedication to supporting advisors firsthand. We are excited about the future and the opportunities this partnership will bring."
"Gulf Coast Wealth is a prime example of the challenges facing the financial industry. It is a growing independent, entrepreneurial firm hindered by large, one-size-fits-all broker/dealers,” said David Millican, the founder and CEO of Arkadios Capital. “Arkadios Capital continues to attract successful firms with our flexible framework, tailored solutions and personalized service.”