The group joins a business that reportedly has more than $1.0 billion to spend on acquisitions.

A trio of US financial advisors collectively overseeing $800 million in client assets have parted company with Ameriprise to join the broker-dealer and RIA platforms of LPL Financial.

The advisors are Michael Bonevento, James Costabile and Craig Laday.

Laday, who has 32 years of experience, joins Bonevento and Costabile at Intellectual Capital Group, based in Wall Township, New Jersey.

LPL, which had a record recruiting year in 2018, (Barron’s, WealthManagement.com) reportedly has more than $1.0 billion of capital to spend on acquisitions. Matt Audette, its chief financial officer, reportedly said earlier this week that the firm is “really well positioned for M&A, should it come up”. It is claimed that LPL expects to spend $135 million on technology this year, more than twice the amount it spent four years ago.

To view another recent LPL deal, see here.