LPL Financial CFG Michael Krumholz Shelia Little Independent Advisor Alliance

LPL Financial and Independent Advisor Alliance Welcome CFG

May 22, 2017

LPL Financial

Leading retail investment advisory firm and independent broker/dealer LPL Financial today announced that Pennsylvania-based firm CFG has joined LPL’s broker/dealer platform and aligned with Independent Advisor Alliance (IAA), an independent advisory firm on LPL’s hybrid registered investment advisor (RIA) platform.

CHARLOTTE, N.C. –  May 22, 2017 –  Leading retail investment advisory firm and independent broker/dealer LPL Financial LLC, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), today announced that Pennsylvania-based firm CFG has joined LPL’s broker/dealer platform and aligned with Independent Advisor Alliance (IAA), an independent advisory firm on LPL’s hybrid registered investment advisor (RIA) platform. CFG reported that, based on prior business*, its advisors served approximately $120 million of client brokerage and advisory assets, as of March 29.

“As the industry began to shift due to increasing regulatory pressures, we realized it was important to partner with a firm that could support our independent business model and value proposition, which is based on client education and engaging them in the decision-making process,” said Michael Krumholz, president and registered principal of CFG. “IAA and LPL combined provide the infrastructure and resources to best support our business. That includes providing a broad range of products and platforms to address the varying needs of our clients and the technology that enables us to manage our business efficiently, so we can spend more time one-on-one with clients. LPL also has the size and scale to continue to invest in the resources that will support our growth for the long term.”

“CFG was searching for a partner that would be an advocate for the independent business model and that’s fundamental to our mission,” said Robert Russo, founder and chief executive officer of IAA. “By joining IAA and LPL, CFG now has access to a network of advisors to leverage for support in managing their daily business as well as the backing and depth of resources available from a large independent broker/dealer. The relationship offers the team a congruent model that aligns with their focus on serving their clients’ best interests with the stability they desired within a consolidating marketplace. We are excited to welcome them and look forward to supporting their continued success.”

“We welcome the CFG team to LPL,” said Steve Pirigyi, LPL executive vice president, Business Development. “We seek to find ways to retain choice for advisors and investors. That includes developing advisory and brokerage platforms that align to a new fiduciary standard. Given the retained flexibility we can provide, many advisors and firms find tremendous value in our hybrid platform. Finding the right platform and the right culture fit are important components to any firm’s success. We’re pleased that IAA and LPL could be the right fit for CFG.”  

Based in Reading, Pa., with an office in Columbia, S.C., CFG was founded in 1986 and now serves clients in 11 states. Krumholz is accompanied by an additional advisor, Sheila Little, and three professional staff members.  

*Asset numbers were reported by CFG based on prior business and have not been independently and fully verified by LPL Financial.

About Independent Advisor Alliance

Based in Charlotte, N.C., Independent Advisor Alliance (IAA) is strategically focused on building a community of successful independent advisors serving the financial and retirement needs of individuals and businesses. Through its hybrid RIA model, IAA provides its affiliated advisors with a broad range of customized support services designed to optimize efficiencies, reduce expenses, attract and retain clients, and boost revenue. Founded in 2007, today IAA serves more than 75 independent LPL financial advisors across the U.S., servicing a total of more than $2 billion of retail client assets. For more information, visit www.independentadvisoralliance.com.

About LPL Financial

LPL Financial LLC, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), is a leader in the retail financial advice market and provided service to approximately $535 billion in brokerage and advisory assets as of April 30, 2017. LPL is one of the fastest growing RIA custodians and the nation's largest independent broker-dealer (based on total revenues, Financial Planning magazine June 1996-2016), and the firm and its financial advisors were ranked No. 1 in net customer loyalty in a 2016 Cogent Reports™ study. The Company provides proprietary technology, comprehensive clearing services, practice management programs and training, and independent research to more than 14,000 financial advisors and over 700 financial institutions, enabling them to provide a range of financial services including wealth management, retirement planning, financial planning and other investment services to help their clients turn life's aspirations into financial realities. Financial advisors associated with LPL also serviced an estimated 46,000 retirement plans with an estimated $135 billion in retirement plan assets, as of March 31, 2017. Additionally, LPL supports approximately 3,900 financial advisors licensed and affiliated with insurance companies with customized clearing, advisory platforms, and technology solutions. LPL Financial and its affiliates have more than 3,300 employees with primary offices in Boston, Charlotte, and San Diego. 

Securities and advisory services offered through LPL Financial. A registered investment advisor, member FINRA/SIPC.

Investment advice also offered through Independent Advisor Alliance, a registered investment advisor. Independent Advisor Alliance and CFG are separate entities from LPL Financial.

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Media Contact:

Lauren Hoyt-Williams

980-321-1232

Lauren.Hoyt-Williams@lpl.com