Business
LPL Financial Closes Acquisition of Financial Resources Group Investment Services
The business comprises approximately 800 advisors and 85 financial institutions nation-wide serving approximately $40 billion of client assets SAN DIEGO, Feb.
About this update from Lpl Financial Holdings Inc.
[{"type":"text","content":"The business comprises approximately 800 advisors and 85 financial institutions nation-wide serving approximately $40 billion of client assets\nSAN DIEGO, Feb. 01, 2023 (GLOBE NEWSWIRE) -- LPL Financial Holdings Inc. (NASDAQ: LPLA) (“LPL Financial” or “LPL”) today announced the closing of its acquisition of Financial Resources Group Investment Services (“FRGIS”), an LPL branch office supporting financial institutions and advisors, headquartered in Fort Mill, South Carolina. FRGIS comprises approximately 800 advisors and 85 financial institutions nationwide, serving approximately $40 billion of advisory and brokerage assets. FRGIS will continue to operate independently within LPL, retaining its brand and leadership team. “We are thrilled to see our long partnership with LPL strengthen in this way,” said Bruce Miller, partner and CEO of FRGIS. “We intend to fully leverage LPL’s support to continue to delight our existing clients with unmatched service and to grow the business further by attracting new ones.” “This is the beginning of a new chapter with a long-standing, esteemed partner and LPL advocate, FRGIS,” said Rich Steinmeier, LPL Financial managing director and divisional president, Business Development. “We are extremely pleased to deepen our partnership with FRGIS, which is a key foundational piece to our expansion in several strategic growth areas including community-based financial institutions, employee advisors and independent advisor offices.” FRGIS, founded in 2010, is an industry leader of managed programs for banks and credit unions and provides a strategic complement to LPL’s existing enterprise offering. As an existing LPL client, FRGIS assets are already on LPL’s custodial platform. About LPL Financial LPL Financial (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader in the markets we serve*, supporting more than 21,000 financial advisors, including advisors at approximately 1,100 institution-based investment programs and at approximately 500 registered investment advisor (“RIA”) firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to personalized guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve...