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Deals & People August 2, 2012
LPL Financial Adds Advantage Financial to Platform
The independent broker/dealer LPL Financial LLC,
a wholly owned subsidiary of LPL Financial Holdings Inc., announced its affiliation
with Advantage Financial Group (AFG).
Reported by Jill Cornfield
As part of the process, 63 AFG-affiliated independent advisers will transition their securities registrations from their current broker/dealer to LPL Financial, bringing client assets of approximately $2 billion.
LPL Financial will provide practice management, succession planning, marketing and technology solutions to AFG, which is owned by its adviser members who share an equity interest in the firm.
AFG will affiliate with LPL Financial under its current producer group structure, and continue to expand under its existing brands and organization. As part of the transition, the LPL Financial RIA platform will become the primary custodian for AFG’s sister company and registered investment advisory (RIA) firm, Advantage Investment Management (AIM), which will continue to provide fee-based solutions to the adviser members of the AFG producer group.
“This transition is the culmination of an innovative plan to create transferable equity value for Advantage Financial Group’s member advisers and their future generations,” said Joe Russo, chairman of Advantage Financial Group. “The transition to LPL Financial successfully concludes an extensive review process for a broker/dealer and custodial partner that will help us preserve and enhance the equity value of the AFG partnership.”