LPL FINANCIAL AND INDEPENDENT ADVISOR ALLIANCE WELCOME VIRGINIA-BASED ADVISORS KYLE ARCAND AND CHARLENE GREGORY
CHARLOTTE, N.C. – Dec. 14, 2016 – 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 Kyle Arcand and Charlene Gregory have joined LPL’s broker/dealer platform and have aligned with Independent Advisor Alliance (IAA), an independent advisory firm on LPL’s hybrid registered investment advisor (RIA) platform. Arcand and Gregory reported that, based on prior business*, they served approximately $150 million of client brokerage and advisory assets, as of Nov. 9, 2016.
Arcand and Gregory credited the RIA hybrid structure, partnership with IAA and LPLs integrated technology as factors in their decision to move firms. “We wanted to come up with the best game plan possible for our clients and our business,” said Arcand. “We knew we would be transitioning numerous client brokerage assets to advisory assets in the upcoming year. Joining a team like IAA with a network of 71 advisors, plus the resources offered by LPL gives us the scale and backing we were looking for to help our business grow.”
Based in Chesapeake, Va., Arcand, a 28-year industry veteran, and Gregory, who has been in the business for eight years, are supported by three professional staff members. They will use the firm name that aligns several IAA advisors, Blackbridge Financial.
“Moves like Kyle and Charlene’s are becoming more and more frequent,” said Robert Russo, founder and chief executive officer of IAA and founder of Blackbridge Financial. “They were looking for a platform that could withstand the changing regulatory and legislative environments, and feel confident that LPL and IAA can provide the stability they are looking for.”
“We are excited to once again congratulate the IAA team and to welcome Kyle and Charlene to LPL,” said Steve Pirigyi, LPL executive vice president, Business Development. “We find that LPL’s hybrid RIA platform creates a lot of value for advisors looking for the structure and resources to support their transition to advisory business, with the added advantage of having access to a robust offering of products, technology and solutions that can enable them to provide quality service to their clients, and help enable their growth.”
“We are also pleased to see IAA develop an increasingly diverse roster of advisors, as we see with the ongoing arrival of emerging women advisors such as Charlene to our independent platform. We wish Charlene, Kyle and the IAA network success and look forward to supporting them.”
*Asset numbers were reported by Arcand and Gregory 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 70 independent LPL financial advisors, servicing a total of more than $1.5 billion of retail client assets, and seeks to grow as a destination for independent advisors throughout the Southeast. For more information, visit www.independentadvisoralliance.com.
About LPL Financial
LPL Financial, 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 $495 billion in brokerage and advisory assets as of October 31, 2016. LPL is one of the fastest growing RIA custodians and is the nation’s largest independent broker-dealer (based on total revenues, Financial Planning magazine June 1996-2016). The Company provides proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 14,000 independent financial advisors and over 700 financial institutions, enabling them to help their clients turn life’s aspirations into financial realities. Advisors associated with LPL also serviced an estimated 45,000 retirement plans with an estimated $129 billion in retirement plan assets, as of September 30, 2016. LPL also supports approximately 4,200 financial advisors licensed and affiliated with insurance companies with customized clearing, advisory platforms, and technology solutions. LPL Financial and its affiliates have more than 3,200 employees with primary offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.
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 Blackbridge Financial are separate entities from LPL Financial.
Media Contact: Lauren Hoyt-Williams