Aug 2 LPL Financial, the largest U.S.
independent brokerage, on Thursday said it struck a deal with
Advantage Financial Group that will bring 63 investment advisers
managing $2 billion in assets onto LPL's broker-dealer and
Advantage of Cedar Rapids, Iowa, is a partnership owned by
its advisers, who are located in the U.S. Midwest, Great Lakes
and Southeast regions. Advantage Financial's advisers, who
combined generated $11.2 million of revenue in the past year,
will transfer their registrations to LPL from Jackson
Financial's National Planning Corp unit.
The deal represents a small revenue boost for LPL, which
provides brokerage, clearing and other professional services to
13,185 self-employed brokers and advisers. In the second
quarter, Boston-based LPL generated $908 million of revenue from
brokers overseeing $353 billion.
Advantage was formed by Joe Russo in 2001 as a C corporation
with some equity ownership among its advisers. As part of the
LPL deal, Advantage converted to a partnership structure akin to
a law or accounting firm, but advisers will remain owners of
Russo also serves as chairman of a lobbying group for
independent brokers, the Financial Services Institute.