LPL Adds $2B RIA to Custody Platform.
Byline: Janet Levaux
LPL Financial (LPLA) said an RIA with 65 advisors and about $2 billion in assets is now using its custodial platform.
The Center for Wealth Planning of Troy, Michigan, has utilized LPL's corporate RIA and broker-dealer platforms since 2005. The group says it now wants to tap the custodial services to help its advisors further grow businesses. It currently provides its independent advisors with practice management, compliance, client service and business process support.
"By giving our advisors the option to work through our own RIA - Center for Wealth Planning Advisors - or to continue to affiliate with LPL Financial's corporate RIA, we now have the flexibility to offer multiple advisory business models and allow each of our advisors to run their businesses and pursue their goals as they see fit," said Joseph Ruzycki, founder and CEO of the group, in a statement.
LPL rolled out its RIA offering in 2008. Total assets served by the platform are over $90 billion.
"We are pleased that the Center for Wealth Planning has chosen to join our RIA custody platform," said Matthew Enyedi, LPL executive vice president for RIA and high-net-worth solutions, in a press release. "We have been privileged to work with CWP over the past 10 years as their broker-dealer, and we look forward to continuing to support them as they grow through our RIA custody platform."
The company said recently that Chief Compliance Officer Sharyn Handelsman is now a managing director of the company.
This news followed the March 3 announcement that CFO Dan Arnold was replacing Robert Moore as president of the firm. Moore left to become CEO of Legal & General Investment Management America.
This came on the heels of news in late February that the indie broker-dealer planned to spend $9 million to restructure its high-net-worth operations, which do business under the Fortigent brand.
LPL Financial has about $475 billion in retail assets. It works with 14,000 independent financial advisors and over 700 banks and credit unions and acts as an independent consultant to some 40,000 retirement plans with roughly $115 billion in retirement plan assets served.
--- Check out LPL Adds 2 Execs to Fortigent in Reshuffle on ThinkAdvisor.