Black Box Pension Advocates Joins LPL Financial
LPL Financial LLC, the nation’s largest independent broker-dealer, announced that Cleveland-based Black Box Pension Advocates has joined its broker-dealer platform and aligned with Global Retirement Partners, a retirement plan firm on LPL’s hybrid RIA platform.
Black Box Pension Advocates, which was previously affiliated with the broker-dealer Kestra Investment Services, served approximately $471 million of client brokerage and advisory assets, as of April 3rd.
“The retirement plan industry is undergoing significant changes that directly impact the way we do business,” said Thomas Herbruck, retirement plan consultant and founder, Black Box Pension Advocates. “It was important that our clients have confidence in knowing their broker-dealer is committed to the qualified plan space and is focused on serving investors’ best interests. After an exhaustive research process, we chose to align with LPL because it has the scale to invest in the people and technology that can support our business through these changes and enable future growth.”
Black Box Pension Advocates is comprised of Herbruck and three support team members and creates retirement plans for employers and individuals.
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.
