LPL Financial has added Conte Wealth Advisors, a Camp Hill, Pennsylvania-based practice with roughly $1.6 billion in client assets, to its independent broker-dealer platform. The firm, which serves business owners and high-net-worth individuals across several states, made the switch from Cambridge Investment Research, according to an announcement this week.
Conte Wealth is a family enterprise that traces its roots to the 1950s, when Sam Conte began advising clients. Today, the firm is led by Tony Conte, CFP, CEPA, who took over in 2012, alongside his father Frank Conte, CLU, ChFC, and brother-in-law Joe Henriques, CFP, AIF, who serves as managing director and principal wealth advisor. The firm's planning-first approach, honed over three generations, was a key factor in the decision to affiliate with LPL, the largest independent broker-dealer by advisor headcount.
"From the beginning, we've felt a genuine commitment from LPL's leadership and teams to helping us succeed," Tony Conte said in a statement. The firm cited LPL's technology platform and advisor support infrastructure as central to the move, noting that the scale and complexity of Conte Wealth's practice required a partner capable of enhancing client service while leaving room for growth.
For LPL, the addition continues a strong recruiting streak. The San Diego-based firm has attracted billions in assets from advisors leaving wirehouses and other independent platforms. As of its most recent public disclosures, LPL reported more than $1.4 trillion in total advisory and brokerage assets.
The move underscores the competitive dynamics in the independent broker-dealer space, where firms like LPL and Raymond James have been actively recruiting teams. In a recent example, LPL and Raymond James together brought on advisors with $590 million in combined client assets, highlighting the ongoing consolidation and talent shifts.
Conte Wealth's departure from Cambridge is notable given the firm's size and multi-generational history. Cambridge, based in Fairfield, Iowa, has been a significant player in the independent channel, but LPL's scale and technology investments appear to have swayed the Conte family.
The transition is expected to be seamless for clients, with the same advisors continuing to serve their accounts. The firm's 24 advisors will operate under LPL's umbrella, gaining access to a broader suite of tools and resources.
Industry observers see this as part of a broader trend of large independent firms consolidating market share. As LPL continues to expand, it faces competition from other aggregators like Wealth Enhancement Group, which recently added an Oklahoma RIA, lifting assets past $161 billion. The race for top talent and assets remains intense.
