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LPL has long been known as an accomplished and extremely versatile aggregator. Frankly, they were in the RIA aggregation game before it was actually cool.

The latest news from the firms corporate RIA platform has proven their ‘bonafides’ once again.

“LPL Financial-affiliated hybrid RIA Gladstone Wealth Group is merging with fellow LPL affiliate Financial Resources Group Investment Services to create the single largest entity on LPL’s corporate RIA platform.”

“The combined entity, Gladstone Financial Resources Group, will have around $24bn in advisory and brokerage assets and 670 affiliated advisors. The combined firm is set to launch on May 15.“

Those are some serious numbers. Not only is the asset number truly substantial, but the number of advisors housed in the combined entity is massive. Gladstone and Financial Resources will now have the East Coast nearly completely covered.

“Financial Resources Group, which is based in Fort Mill, SC, runs the wealth management operations for banks and credit unions such as Sterling National Bank and CapStar Bank and for independent advisory firms such as Oakton Investment Management and GilesMcPhail Wealth Management.  Advisors affiliated with Financial Resources Group place their clients’ assets with LPL’s corporate RIA and brokerage platform.”

”Gladstone Wealth Group, which is based in Chester, NJ, employs advisors through LPL’s corporate RIA and through its own independent hybrid RIA. Advisors who join Gladstone’s independent hybrid RIA use LPL for their brokerage business and can either custody their clients’ assets with LPL or a third-party custodian such as Charles Schwab.”

Would it surprise us if a wave of these type of mergers quickened consolidation in the industry over the next year. And LPL remains uniquely qualified to lead that charge. Given the scale of RIA’s that are in one way or another affiliated with their platform, a good percentage of channel transactions will likely happen within their ecosystem

Whether intentional or not (and of course their execs with take credit) LPL should be smiling right now – sometimes the worm turns just right.


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