LPL Retains $1.6 Billion Life Brokerage Financial Group
Life Brokerage Financial Group, a brokerage firm with $1.6 billion in assets under management, will join LPL Financial’ s broker-dealer and corporate registered investment adviser platforms next month.
Life Brokerage Financial Group, a brokerage firm with $1.6 billion in assets under management, will join LPL Financial’ s broker-dealer and corporate registered investment adviser platforms next month.
Founded in 2009 by president and CEO Gary Richardson, the Clearwater, Florida-based firm focuses on retail and insurance and supports 80 advisors.
Life Brokerage is affiliated with Invest Financial Corporation, one of four firms in the National Planning Holdings network, which was purchased by LPL Financial last summer for an initial price of $325 million. LPL will make a contingent payment of up to $123 million in the first half of 2018, based on the level of NPH’s business that onboards to its platform.
Earlier this month, LPL retained super OSJ, Advisors Southeastern Alliance, a $1.2 billion firm also affiliated with Invest Financial.
Last month, LPL added a number of large NPH affiliated firms, including The Planners Network which oversees $4.3 billion of client brokerage and advisory assets, Discovery Financial with $1.1 billion, Trilogy Financial with more than $2 billion, and Zuk Financial Group with approximately $1.6 billion.
LPL Financial, the nation’s largest broker-dealer, oversees approximately $566 billion in brokerage and advisory assets as of October 31, 2017. The company serves more than 14,000 financial advisors and 700 financial institutions.
