LPL Recruits Former Merrill Lynch Team Seeking Greater DOL Flexibility
LPL Financial LLC, a leading independent broker-dealer and retail investment advisory firm, announced that The Choice Group Wealth Management has joined LPL’s broker-dealer and hybrid RIA platforms.
Based in Melville, New York, The Choice Group was previously affiliated with Merrill Lynch and managed $420 million in client assets. The team is comprised of four advisors, Ira Katz, Daniel McNicholas, John Scala and Bryce Wilinski, that specialize in serving clients nearing or in retirement with a focus on financial planning, including retirement planning, cash flow analysis, and estate planning services.
“An impetus for our move was the impending Department of Labor changes,” said Katz, managing director of The Choice Group. “We wanted to be proactive and align with a platform that we felt gave us access to more products and greater flexibility so we can act as a fiduciary and serve our clients’ best interests. LPL was the right partner because we have been able to evolve our offering while continuing to operate as a boutique wealth management firm.”
“Regulatory changes are forcing many advisors and firms to consider if they have the right partner to support them for the long term,” said Craig Kamis, LPL executive vice president, business development. “Ira and his team have clear growth goals and we are proud they recognized the value that LPL’s independent platform can deliver to support those goals.”
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), served approximately $530 billion in brokerage and advisory assets as of March 31, 2017. LPL is the nation’s largest independent broker-dealer based on total revenues. The company provides proprietary technology, comprehensive 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.
