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 Zuk Financial Group, a firm formerly associated with
National Planning Corporation (NPC), has joined LPL’s broker/dealer
and hybrid registered investment advisory (RIA) platforms. The firm
reported, based on prior business*, that its advisors served
approximately $1.6 billion of client brokerage and advisory assets,
as of Oct. 31, 2017.
Based in Lake Forest, Calif., Zuk Financial Group was founded in
1974 by Paula Key and the late Cori Zuk. Key began her career in
education and the firm started with the goal of helping employees
of public schools and nonprofit organizations reach their financial
goals. The firm has grown to 29 advisors, more than half of whom
are women, along with 45 support staff who operate among 20
branches located throughout California. According to the firm, more
than half of Zuk Financial Group’s clients are women as well. The
firm focuses on financial planning and retirement planning
services.
“We are excited about our move to LPL and to have a platform
that will support the unique needs of our business and our
clients,” said Paula Key, CEO and president of Zuk Financial Group.
“We took part in a lengthy due diligence process, which included
site visits, phone calls and other efforts to build relationships
with the LPL leadership team. LPL stood out for the flexibility of
its platform and the firm’s enhanced resources, tools and systems.
We feel we will have the support and stability to be able to
deliver on our mission of helping our clients work toward their
retirement goals.”
“We are honored to welcome Zuk Financial to LPL,” said Bill
Morrissey, LPL managing director and divisional president, Business
Development. “Paula and the entire Zuk team are passionate about
the service and value they deliver to their clients. Because of
that, they gave considerable consideration to the long-term outlook
for their clients and their business. We appreciate they recognized
that LPL’s tools and capabilities can be an enabling factor to
growing their business in this increasingly complex and
ever-changing industry. We value the opportunity to serve their
advisors and their clients and look forward to doing so 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 Zuk Financial Group based on
prior business and have not been independently and fully verified
by LPL Financial.
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 $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.
Zuk Financial Group offers Investment Advice through Valley
Wealth Strategies, a registered investment advisor. Zuk Financial
Group, Valley Wealth Strategies, and LPL Financial are all separate
entities.
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 December 12, 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 and/or firms mentioned
in this press release will translate into assets continuously
serviced at LPL Financial or that such financial advisors and/or
firms 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 and/or firms 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 December 12, 2017.
Media Contact:Lauren
Hoyt-Williams980-321-1232Lauren.Hoyt-Williams@lpl.com
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