InvestmentNews reported that an Ohio-based advisor has left Edward Jones to start an independent firm, SteadRock Private Wealth, operating on the LPL Financial platform. The story starts from an LPL Financial announcement issued on November 11, which said financial advisor Nathan J. Hershman, who goes by Nate, had joined LPL's broker-dealer and registered investment advisor platforms to launch the firm. Financial ADVSR has not independently verified the announcement against regulatory filings.
The LPL release said Hershman has been serving approximately $185 million in advisory, brokerage and retirement plan assets, based on asset and holding details from year-end 2025. That figure measures client assets served by the advisor, not a price or revenue number. Hershman joins LPL from Edward Jones. The release states that SteadRock Private Wealth and LPL Financial are separate entities, and it credits Ken Hullings, LPL's head of advisor recruiting and EVP of business development, with praising Hershman's client-focused approach.
The release places SteadRock in North Canton, Ohio, and says the firm works with households, individuals nearing retirement or already retired, and owners of businesses, among them manufacturers. Through the affiliation, the firm has access to LPL's technology, investment platform and business support resources. The release also says Hershman holds ChFC, CEPA, AAMS, CPWA and CRPC designations.
Pulse2 reported that LPL announced the same week that SteadRock was one of four practices joining the firm, alongside FHT Advisors, Impel Wealth Management and Sound Foundation Wealth Advisors. Pulse2 put the combined client assets of the four practices at approximately $2.035 billion. That figure covers all four practices together and should not be read as SteadRock's alone. The Hershman figure of about $185 million is the only SteadRock-specific asset number in the sources reviewed.
Pulse2 also said LPL serves over 32,000 advisors, along with about 1,100 financial institutions' wealth management practices. Other sources describe LPL as the largest independent broker-dealer in the United States, with roughly 11 million customer accounts at the end of 2025, according to Trendlyne. LPL Financial Holdings trades on Nasdaq under the ticker LPLA. Platform asset estimates for LPL differ by source and date, and this article does not rely on them.
Edward Jones, the firm Hershman is leaving, was founded in 1922 in downtown St. Louis by Edward D. Jones, according to SmartAsset. Fortune lists its headquarters as Des Peres, Missouri, and describes it as a subsidiary of Jones Financial Companies, a privately held firm. SmartAsset reports that Edward Jones registered with the Securities and Exchange Commission as a broker-dealer in 1941 and as an investment adviser in 1993. The sources reviewed do not include a response from Edward Jones to the departure.
InvestmentNews also characterized LPL as the top recruiter in the independent broker-dealer channel. Citing an ISS Market Intelligence report, the outlet said LPL recorded more than 7,200 net advisor additions over the five years ending in 2025, the largest of any firm. The sources do not describe when SteadRock's client transitions will take place or how the new firm will be structured beyond its LPL affiliation. Financial ADVSR will update this story if Edward Jones or Hershman provides further detail.