MORRISTOWN, N.J., Oct. 10, 2018 /PRNewswire/
In the wake of Independent Financial Partners (IFP) exodus from LPL Financial, Private Advisor Group (PAG) announced today that they have commitments for the month of September just shy of 1B in assets. These assets are represented by 6 firms that have decided to stay with LPL Financial and move to PAG. This is in addition to the previous firms that have already made the transition to PAG from IFP.
“We are helping these (IFP) advisors understand what their options are and providing them with a transparent view of what they can expect in making the ‘stay’ choice with PAG,” said John Hyland, Managing Director of PAG. “All of these advisors are faced with making a very important decision for both themselves and their clients. In many cases, the advisors would not have made a change, but they are being forced to,” continued John. “The PAG value proposition is appealing to them, especially in the area of compliance expertise. Pat Sullivan has been our Chief Compliance Officer for a long time and we have a team of dedicated compliance specialists that are tenured, experienced, and friendly.”
PAG has been the largest hybrid firm on the LPL platform for well over 5 years boasting over 620 advisors across 34 states and over 17B1 in AUM. IFP was the second largest.
“After conducting our due diligence on other firms within the LPL franchise, it became apparent to us that PAG was going to provide us with the support and services we need to thrive,” said Ralph Youngblood, Youngblood Wealth Management based in TX. Ralph joins PAG with 3 other advisors representing over 150AUM. The other firms joining include Grace Financial in FL, Krekeler Brower Wealth Advisors in VA, Merrill & Brown Investments based in ID, and Harvest Financial Planning in IN.
“PAG has simplified the transition process for advisors staying with LPL and PAG by maximizing the efficiencies that are afforded to us through e-signature and minimizing business disruption,” according to Jim Perhacs, Managing Director of PAG. “We have streamlined the process. Our transition team stands ready to assist the advisors and their staff in any way we can.”
“We expect at least a dozen more IFP advisors to join us before the year is out,” said John. “We are delighted we can be their next home.”
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1 As of Sept. 30, 2018