LPL Financial Introduces Platform for RIA and Hybrid Markets

LPL Financial Corporation plans to introduce an integrated adviser platform, supporting ndependent registered investment advisers (RIA) and hybrid (dually registered) advisers.

LPL Financial said the platform will enable advisers to address all of their clients’ commission and fee-based needs while also allowing them the flexibility to grow their independent RIA offering across any business model.

As part of the formal market rollout planned for late 2008, LPL Financial will also offer prospective advisers transition services.

The company has appointed industry veteran, Gary Gallagher, to executive vice president, head of RIA Services, to be responsible for building out the RIA and hybrid business. Based in Boston, Gallagher will report to Esther Stearns, president and COO.

“We have tremendous confidence that Gary’s experience in the RIA and Hybrid marketplace, combined with his impressive track record at a number of leading financial institutions, will allow us to build out an industry-leading offering that is critical to supporting this unique adviser group,” Stearns said.

Most recently, Gallagher served as senior vice president of Fidelity Institutional Wealth Services at Fidelity Investments. During his tenure at Fidelity, Gallagher launched UMA, alternative investments, separate account, and trust platforms for intermediaries and investment advisers. He was also responsible for developing high-net-worth strategies, focusing on wealth management services, trust services, separate account management, alternative investments, structured products, and liquidity management products.

“The LPL Financial platform is both flexible and scalable, making it possible for us to build out these RIA and hybrid capabilities while still maintaining one fully integrated platform,” Gallagher said. “I believe this expansion initiative offers great opportunity for both LPL Financial and our advisers, and look forward bringing my experience to the team at this exciting time.”