Two Former Osaic Firms With $1 Billion in Combined Assets Join LPL Financial
Independent broker-dealer LPL Financial added two new financial adviser teams with approximately $1 billion in combined assets. Both teams joined LPL from Osaic.
Rizza Financial Services, comprised of Jerry Rizza and his two longtime licensed assistants, Rachel Beneventano and Jessica Weich, has joined LPL Financial’s broker-dealer, registered investment adviser, and custodial platforms. According to LPL, Rizza reported having served approximately $250 million in advisory, brokerage, and retirement plan assets as of 2023.
Similarly, the advisers with Summit Planning Group have also joined LPL Financial’s broker-dealer, RIA, and custodial platforms. The team reported having served approximately $750 million in advisory, brokerage, and retirement plan assets as of 2023.
Based in Melville, N.Y., about 30 miles from New York City, Rizza specializes in retirement planning and behavioral investment counseling, and he helps clients accumulate wealth and harvest income for a more comfortable retirement. The move to LPL was driven by Rizza’s desire for enhanced service experiences, office efficiencies, and a robust technology platform.
“My staff will appreciate the ease of doing business with LPL’s integrated platform, and no doubt my clients will appreciate that they can log into one online portal to view all their account information,” Rizza said. “This move has been years in the making, and I believe it’s a strategic investment in our future.”
Founded in 1995, Summit Planning Group brings together a diverse group of advisers with backgrounds in accounting, finance, tax, and investments who work together to address each client’s wealth management needs. With registered offices in Branford and Glastonbury, Conn., the team includes financial advisers Brian Onofrio, CPA, AIF; C. David Koncz; Karl Zirolli, CFP, AIF; Jay Pinto, CFP; Frank Navario, CLU; Alison G. Gaffney, MBA, CRPC; and Ben Onofrio, MBA. According to the Summit Planning team, they were led to LPL by the firm’s due diligence process and commitment to excellence, which they called “second to none.”
“LPL is a stable partner and Fortune 500 company that invests heavily in industry-leading capabilities and strategic business resources,” Ben Onofrio said. “We believe LPL puts our clients in a better-suited position as they seek to maximize their returns and reduce risks, all while receiving a higher level of service.”
Scott Posner, LPL executive vice president of business development, welcomed both groups to LPL. In regard to Rizza Financial Services, he said: “It is an honor to welcome Jerry, Rachel, and Jessica to the LPL community. We are committed to delivering innovative technology and comprehensive business solutions to help advisers differentiate their practice and increase value to their clients. We look forward to supporting Rizza Financial Services for years to come.”
For the Summit team, he added: “We … look forward to supporting the continued growth and evolution of their firm. Our sole focus is advisers, and we constantly look for ways to support them for the long run through investments in innovative capabilities and strategic business solutions designed to help advisers thrive and win in their market.”
These former Osaic firms are just the latest to join LPL. Another former Osaic firm with $1 billion in assets joined LPL in late July. LPL also recently added a pair of father-daughter adviser teams with $590 million in combined assets.
LPL Financial Holdings Inc. serves nearly 23,000 financial advisers, including advisers at approximately 1,100 enterprises and 570 registered investment adviser firms nationwide. Headquartered in San Diego, its total advisory and brokerage assets totaled more than $1.44 trillion as of March 31, 2024.
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