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 Discovery Financial Centers Inc. (Discovery Financial), a
firm formerly affiliated with National Planning Corporation (NPC)
led by Doug Ritter, has joined LPL’s broker/dealer and corporate
registered investment advisory (RIA) platforms. The firm reported,
based on prior business*, that its advisors served approximately
$1.1 billion of client brokerage and advisory assets, as of Oct. 1,
2017.
“We are thrilled to be a part of the LPL family,” said President
and CEO of Discovery Financial, Doug Ritter. “When the acquisition
of NPC was announced, we went in search of a firm that would be the
right cultural fit and provide the products, services, technology
and expertise to best meet the needs of our advisors and their wide
range of business styles and practices. We were extremely impressed
by LPL and appreciated the firm’s size, scale, financial stability
and the relationships we developed. Out of the discovery process,
it became clear LPL was going to be an opportunity for us. Our team
is excited to begin implementing the integrated technology,
research and marketing tools that we believe will really enhance
our business.”
Based in Red Wing, Minnesota, Discovery Financial was co-founded
by Ritter 25 years ago and is currently comprised of 19 advisors
operating out of 8 locations. Ritter’s business partners are Tim
Kelly and Matt Hardyman. The firm focuses on holistic financial
planning and retirement planning. A unique aspect of the group is
that it includes three father/son advisor teams including Jeff and
Tom Berg, Gene and Scott Burns and Doug and his son David. Partner
Matt Hardyman is the son of retired co-founder Bill Hardyman.
“We are excited to welcome Doug and the entire Discovery
Financial team to LPL,” said Bill Morrissey, LPL managing director
and divisional president, Business Development. “We have enjoyed
getting to know this team. They are a very successful group that
embraces a financial planning model and values independent advice.
We are proud Doug and his team chose our firm and we are looking
forward to providing enhanced resources, technology, recruiting
support and expertise that can support their growth. We look
forward to supporting the Discovery Financial team for many years
to come.”
NPC is one of four broker/dealers in National Planning Holdings,
Inc.’s (NPH) network of broker/dealers, assets of which were
purchased by LPL as part of a previously announced transaction in
August 2017.
*Asset numbers were reported by Discovery Financial based on
prior business and have not been independently and fully verified
by LPL Financial.
About LPL FinancialLPL 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 $566 billion in brokerage and advisory assets as
of Oct. 31, 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 1996-2017), 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 and compliance
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. As
of Sept. 30, 2017, financial advisors associated with LPL served
more than 4 million client accounts across the U.S. as well as an
estimated 41,000 retirement plans with an estimated $137 billion in
retirement plan assets. Additionally, LPL supports approximately
3,700 financial advisors licensed and affiliated with insurance
companies with customized clearing, advisory platforms, and
technology solutions. LPL Financial and its affiliates have more
than 3,500 employees with primary offices in Boston, Charlotte, and
San Diego. For more information, visit www.lpl.com.
Securities and Advisory Services offered through LPL Financial.
A registered investment advisor, Member FINRA/SIPC.
Forward-Looking StatementsStatements in this
press release regarding the Company’s future levels of assets
serviced, growth, business strategy, and plans, as well as any
other statements that are not related to present facts or current
conditions or that are not purely historical, constitute
forward-looking statements. These forward-looking statements are
based on the Company’s historical performance and its plans,
estimates and expectations as of November 30, 2017. The words
“believes,” “expects,” “may,” “plans,” “will” and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. Forward-looking statements are not guarantees
that the future results, plans, intentions or expectations
expressed or implied by the Company will be achieved. Matters
subject to forward-looking statements involve known and unknown
risks and uncertainties, including economic, legislative,
regulatory, competitive and other factors, which may cause levels
of assets serviced, actual financial or operating results, levels
of activity, or the timing of events, to be materially different
than those expressed or implied by forward-looking statements. In
particular, the Company can provide no assurance that the assets
reported as serviced by financial advisors mentioned in this press
release will translate into assets continuously serviced at LPL
Financial or that such financial advisors will remain at LPL
Financial. Important factors that could cause or contribute to such
differences include: the choice by one or any of the clients of the
Company's newly recruited financial advisors mentioned in this
press release not to maintain brokerage and/or advisory accounts at
LPL Financial; discovery of errors made in the calculation of
assets serviced reported by the newly recruited advisors; changes
in general economic and financial market conditions, including
retail investor sentiment; fluctuations in the value of assets
under custody; effects of competition in the financial services
industry; and the other factors set forth in Part I, “Item 1A. Risk
Factors” in the Company’s 2016 Annual Report on Form 10-K and any
subsequent SEC filing. Except as required by law, the Company
specifically disclaims any obligation to update any forward-looking
statements as a result of developments occurring after the date of
this press release, even if its estimates change, and you should
not rely on those statements as representing the Company’s views as
of any date subsequent to November 30, 2017.
Media Contact:Lauren
Hoyt-Williams980-321-1232Lauren.Hoyt-Williams@lpl.com
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