LPL Recruits $120 Million Team from Cambridge
LPL Financial LLC, a leading independent broker-dealer and RIA firm, announced that Pennsylvania-based firm CFG has joined LPL’s broker-dealer platform and aligned with Independent Advisor Alliance, an independent advisory firm on LPL’s hybrid registered investment advisor platform.
Based in Reading, Pennsylvania, CFG was previously affiliated with Cambridge Investment Research and served approximately $120 million of client brokerage and advisory assets, as of March 29th. The firm is led by Michael Krumholz, and includes advisor Sheila Little and three professional staff members. “We welcome the CFG team to LPL,” said Steve Pirigyi, LPL executive vice president, business development.
“We seek to find ways to retain choice for advisors and investors. That includes developing advisory and brokerage platforms that align to a new fiduciary standard. Given the retained flexibility we can provide, many advisors and firms find tremendous value in our hybrid platform. Finding the right platform and the right culture fit are important components to any firm’s success. We’re pleased that IAA and LPL could be the right fit for CFG.”
Independent Advisor Alliance serves more than 75 independent LPL financial advisors across the U.S., servicing $2+ billion of retail client assets.
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), served approximately $535 billion in brokerage and advisory assets as of April 30, 2017. LPL is the nation’s largest independent broker-dealer based on total revenues. The company provides technology, clearing and compliance services, practice management programs and training, and independent research to more than 14,000 independent financial advisors and more than 700 financial institutions. LPL Financial and its affiliates have more than 3,200 employees with primary offices in Boston, Charlotte, and San Diego.
