LPL Financial has signed agreements with Financial Telesis and former LPL retirement partners president Bill Chetney to create a new large independent retirement plan advisory firm.
Chetney, who recently resigned from LPL, will acquire certain assets of FTI and form a retirement plan advisory firm known as Global Retirement Partners where he will become CEO and partner with LPL’s Hybrid RIA platform. FTI’s founder and CEO, Jim Williams, will join Global Retirement Partners as President to help manage the day-to-day operations of the RIA and serve as manager of the newly-formed LPL large enterprise.
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"Adding Global Retirement Partners as a new large LPL enterprise is another important step forward for LPL Financial in the retirement plan industry," said LPL Financial President Robert Moore. "And we are delighted to be able to continue to partner with Bill Chetney.
This new business venture is structured to ensure that numerous plan sponsors and their clients will benefit from his strategic thinking on retirement plan services, including in-plan advice, while simultaneously enabling Bill to return to his entrepreneurial roots and build a new business."
David Reich has been named Executive Vice President, head of LPL Retirement Partners and Independent Advisor Services strategy, reporting to Bill Morrissey, managing director of Independent Advisor Services.
Prior to joining LPL Retirement Partners in 2011, Mr. Reich served as Vice President of Retirement Strategies and Solutions for Ameriprise Financial. Before entering the retirement industry, he was Vice President of Strategic Planning and Business Development at The American Express Company.
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By GlobalDataIn 2010, LPL Financial acquired certain assets of National Retirement Partners (NRP), which was founded and led by Mr. Chetney. NRP offered retirement plan services to thousands of employers nationwide and the transaction provided LPL Financial with a new opportunity to assist advisors in the U.S. who focus on retirement consulting. Since 2010, LPL has grown its Retirement Partners group to support more than 5,500 of LPL’s advisors with $99 billion in retirement plan assets custodied with third-party providers. These advisors provide retirement plan consulting strategies for more than 39,000 plans with three million participants.
"I could not have found a better partner than LPL for building a retirement consulting platform that is both an industry leader as well as an innovator. LPL Financial has provided extraordinary support and encouragement as I embark on my next entrepreneurial venture with Global Retirement Partners," commented Chetney.
"I am also eager to work with Jim Williams and Dave Reich to leverage both the former FTI’s expertise in providing retirement plan services and LPL Financial’s Retirement Partners platform. Dave is a strong advocate for advisors and is highly-qualified and energized to take LPL Financial’s Retirement Partners’ business to the next level."
Added FTI founder and CEO Williams: "The opportunity to work directly with Bill Chetney, who essentially pioneered the retirement plan consulting business, while at the same time creating an opportunity for up to 400 Financial Telesis’ licensed associates to access the exceptional breadth and depth of services available through LPL Financial, presents a win-win situation for everyone involved."
The business venture is expected to close within the third quarter of 2014. Global Retirement Partners will be based in San Rafael, CA.
