LPL Financial Acquires $40 Billion RIA Branch Office

LPL Financial LLC, the nation’s largest independent broker-dealer, announced the closing of its acquisition of Financial Resources Group Investment Services, an LPL branch office supporting financial institutions and advisors, headquartered in Fort Mill, South Carolina.

Financial Resources Group comprises approximately 800 advisors and 85 financial institutions nationwide, serving approximately $40 billion of advisory and brokerage assets. LPL says Financial Resources Group will continue to operate independently within the company, retaining its brand and leadership team.

“We are thrilled to see our long partnership with LPL strengthen in this way,” said Bruce Miller, partner and chief executive officer of Financial Resources Group. “We intend to fully leverage LPL’s support to continue to delight our existing clients with unmatched service and to grow the business further by attracting new ones.”

“This is the beginning of a new chapter with a long-standing, esteemed partner and LPL advocate, Financial Resources Group,” said Rich Steinmeier, LPL Financial managing director and divisional president, business development. “We are extremely pleased to deepen our partnership with Financial Resources Group, which is a key foundational piece to our expansion in several strategic growth areas including community-based financial institutions, employee advisors and independent advisor offices.”

Financial Resources Group, founded in 2010, is specializes in managed programs for banks and credit unions and provides a “strategic complement” to LPL’s existing enterprise offering. As an existing LPL client, Financial Resources Group’s assets are already on LPL’s custodial platform.

LPL supports more than 21,000 financial advisors, 1,100 institution-based investment programs and 500 independent RIA firms nationwide.

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