LPL Financial LLC (NASDAQ: LPLA) announced that financial advisor Steve Schott has joined the company's broker-dealer and registered investment advisor platform. Schott manages approximately $240 million in advisory, brokerage and retirement plan assets and moved from Cambridge Investment Research, according to a company statement.

Schott operates Schott Financial Management in Prescott, Arizona, a firm he purchased six years ago. The business, now in its 40th year, focuses on retirement planning services across what Schott describes as four stages of retirement.

The firm's team includes Laura De La Huerta as a registered assistant and Jessee Porter as an investment assistant. Schott Financial Management specializes in working with retirees and individuals approaching retirement.

"Our approach is simple — we focus on balancing risk and return, with a strong emphasis on generating reliable income for our retired clients," Schott said in the statement.

Schott cited LPL's self-clearing platform and technology capabilities as factors in his decision to join the firm. Marc Cohen, chief growth officer at LPL Financial, said the addition aligns with the company's focus on supporting advisors who provide retirement planning services.

LPL Financial supports more than 32,000 financial advisors and approximately 1,100 financial institutions, with about $2.3 trillion in brokerage and advisory assets under custody.