Wellspring has also aligned with Independent Financial Partners' registered investment advisor platform to support its fee-based financial advisory business, as well as affiliating with Pensionmark Retirement Group, which provides retirement plan administrative and fiduciary support services, according to a statement from LPL.

Carroll has nearly 30 years of experience in the financial services industry. He was part of the executive start-up team that launched Wellspring Resources, which became one of the largest retirement plan outsourcing firms in the US, LPL said, in a joint venture with State Street Bank of Boston in 1996.

Wellspring will focus primarily on providing fee-based retirement planning services to privately-owned professional service firms, as well as retirement planning and wealth management services to business owners. Clients have included physicians, lawyers, accountants and engineers - mainly in Louisiana and Mississippi.

Joining Carroll at Wellspring are two additional professionals in a non-advisory capacity, to assist with client services and operations management.

As of November 1, 2014, Carroll had more than $130 million in brokerage and advisory assets.