The platform, expected to roll out in late 2008, enables advisers to address all of their clients’ commission and fee-based needs while also giving them flexibility to grow their independent RIA offering across any business model, according to the firm.
LPL Financial will provide RIA and hybrid advisers with access to a broad range of investment services and products, dedicated and experienced service staff, and what the firm calls best-in-breed technology. The firm will also be offering prospective financial advisers transition services to ensure a smooth on-boarding process.
The company has appointed industry veteran, Gary Gallagher, to Executive Vice President, Head of RIA Services. Gallagher served as Senior Vice President of Fidelity Institutional Wealth Services at Fidelity Investments, where he launched UMA, alternative investments, separate account and trust platforms for the benefit of intermediaries and investment advisers. Based in Boston, Gallagher will report to Esther Stearns, President and COO, and is responsible for building out the RIA and Hybrid business at LPL Financial.
“We view our continued expansion into the RIA and hybrid markets as a key growth driver for the LPL Financial business, and especially our financial advisers’ businesses in 2008 and beyond,” said LPL Financial CEO, Mark Casady, in a press release. “With this new offering, LPL Financial is redefining the idea of independent advice. This further demonstrates our commitment to provide independent advisers with a conflict-free and unbiased approach to allow them to grow their business on their terms.”