Los Angeles RIA Affiliated with LPL Acquires $860 Million RIA

Perennial Financial Services, a registered investment advisor affiliated with LPL Financial, acquired Ford Financial Group, a fellow LPL-affiliate based in Fresno, Calif. that oversees nearly $860 million in total client assets.

Prior to acquiring Ford, Perennial had around $1 billion in client assets. After the deal, the firms have a combined $1.9 billion with around 30 advisors and six offices throughout California, Idaho and Arizona.

The firm was founded in 2004 by Perennial senior managing director John Petrick and partner Chris Nowakowski after they both left UBS. Nowakowski and Petrick registered the firm as a hybrid RIA in 2017.

“It’s not often that we do acquisitions. In fact, we’ve turned away more advisors than we’ve accepted this year from a recruiting standpoint as well,” said Petrick to Citywire. “We’re pretty picky. We’re building something that we believe in wholeheartedly. And there’s a real family atmosphere, for me, it’s definitely about quality over quantity.”

LPL Financial, the nation’s largest independent broker-dealer, supports more than 21,000 financial advisors, 1,100 institution-based investment programs and 500 independent RIA firms nationwide.

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