August 02, 2012
--- The independent broker/dealer LPL Financial LLC,
a wholly owned subsidiary of LPL Financial Holdings Inc., announced its affiliation
with Advantage Financial Group (AFG). ---
As part of the process, 63 AFG-affiliated
independent advisers will transition their securities registrations from their
current broker/dealer to LPL Financial, bringing client assets of approximately
$2 billion.
LPL Financial will
provide practice management, succession planning, marketing and technology solutions
to AFG, which is owned by its adviser members who share an equity interest in the firm.
AFG will affiliate with LPL Financial under its
current producer group structure, and continue to expand under its existing
brands and organization. As part of the transition, the LPL Financial RIA platform
will become the primary custodian for AFG’s sister company and registered investment
advisory (RIA) firm, Advantage Investment Management (AIM), which will continue
to provide fee-based solutions to the adviser members of the AFG producer
group.
“This
transition is the culmination of an innovative plan to create transferable
equity value for Advantage Financial Group’s member advisers and their future
generations,” said Joe Russo, chairman of Advantage Financial Group. “The
transition to LPL Financial successfully concludes an extensive review process
for a broker/dealer and custodial partner that will help us preserve and
enhance the equity value of the AFG partnership."
Jill Cornfield