Four months after resigning "in light of the company's concerns about [his] interactions with other employees," a former LPL Financial executive has a new job — with a firm whose recent regulatory history might fall under the label, "it's complicated."
As head of independent advisor services for the nation's largest independent broker-dealer,
"I looked at other opportunities and considered a lot of things," Bruton says. "This was the right thing at the right time."
Yet the company also has lingering ties to an investment advisor that the
The newer firm's chairman,
The father —
In 2012, the
Last year, the
The elder Lucia "withdrew his securities registration and retired from working directly with clients in 2010," his son says via email, "prior to any of his regulatory issues."
'SEPARATE & DISTINCT'?
The younger Lucia says his father took these steps as part of a long-planned transition to focus exclusively on his media career, and not because of any
Yet Bruton's new firm employs an investing strategy with a similar name to the one that that the elder Lucia used. The father branded the approach as "Buckets of Money"; the son calls it the "Bucket Strategy." The newer firm uses it to design portfolio allocations and teaches it to advisors at other firms, both Lucia and Bruton say.
The person leading the new firm's seminar for advisors,
Moreover, when a reporter called the offices of The Ray Lucia Show and asked for a referral to a financial planner, the woman who answered the phone gave the reporter the phone number of
When asked to comment on this exchange, Lucia Jr., said by email that the receptionist had made a mistake. "To be very clear on this point," he wrote, "
A spokesman for the
Bruton did not respond to a request for comment about the referral.
BETTING ON GROWTH
While Bruton says it "wouldn't be appropriate" for him to comment on his new colleagues' "family relationships," both he and Lucia Jr. say the firm is on a new growth path.
"The fact that these former
Recent ADV filings for
"Adding Derek to our team is going to help us crystallize our processes and accelerate our growth opportunities," says Lucia Jr.
Bruton says the growth trajectory is one of the main reasons that he decided to take the job. "This story about
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