Waznik Heike Group with $750 million in assets joins LPL Financial

SAN DIEGO - Waznik Heike Group, a team of 11 financial advisors, has joined LPL Financial’s (NASDAQ:LPLA) broker-dealer, Registered Investment Advisor and custodial platforms, according to a press release statement issued Tuesday. LPL Financial, with a market capitalization of nearly $30 billion and impressive revenue growth of 26% over the last twelve months, has maintained strong financial performance, earning a "GOOD" overall health score from InvestingPro.

The team, previously with Osaic, reported serving approximately $750 million in advisory, brokerage and retirement plan assets. Headquartered in Menomonie, Wisconsin, with additional offices in Durand, Superior, Eau Claire and Rice Lake, the firm is led by partners Brad Waznik and John Heike.

The Waznik Heike Group team includes Gene Larock, Steve Helling, Kyle Thorpe, Jon Storing, Tyler Schroyer, Coltin Brehm, Jerry Hagman, Bryan LaVoy and Sam Ferch. Collectively, the team has more than 100 years of combined industry experience.

"We were looking for a partner that was committed to helping us provide a next-level client experience, and we found that partner with LPL," Waznik said in the statement.

Scott Posner, LPL Managing Director of Business Development, expressed support for the new addition to their platform.

LPL Financial Holdings Inc. services and holds custody of approximately $1.8 trillion in brokerage and advisory assets on behalf of approximately 7 million clients. The firm supports nearly 29,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions. The company’s strong financial position is reflected in its healthy current ratio of 2.15, indicating solid liquidity management. InvestingPro data shows the company has consistently paid dividends for 14 consecutive years.

The transition represents another advisor team movement in the wealth management industry, where firms compete to attract established practices with substantial client assets. Trading near its Fair Value according to InvestingPro analysis, LPL Financial has demonstrated strong momentum with a 41% return over the past year. For deeper insights into LPL Financial’s performance and potential, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.

In other recent news, LPL Financial reported total advisory and brokerage assets of $1.85 trillion at the end of May 2025, marking a 3.7% increase from April. The company experienced total organic net new assets of $6.5 billion for May, despite a planned separation from "misaligned large OSJs." Meanwhile, Citi analysts downgraded LPL Financial’s stock to neutral due to valuation concerns, setting a price target of $400. They noted potential challenges with the acquisition and integration of Commonwealth. Conversely, Redburn-Atlantic analysts upgraded the stock to buy, raising the price target to $460, citing the company’s strong growth prospects and strategic positioning. LPL Financial is seen as benefiting from shifts in the advisor-mediated market, with a focus on expansion and technology investments. Additionally, Althea Brown, the Chief Legal Officer, announced her resignation effective June 30, 2025, as she plans to take a career break. During her transition, she will aid in developing a succession plan for her role.

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