Charlotte Wealth Advisors (CWA), a newly formed North Carolina-based financial advisory firm, has joined the broker-dealer platform of retail investment advisory firm and independent broker/dealer LPL Financial.
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The advisory firm will offer fee-based advisory services through Independent Advisor Alliance (IAA), which is an independent registered investment advisor (RIA) group on LPL’s hybrid RIA platform.
CWA managing director John Osterberg said: "We are excited to join both LPL and IAA, as each offers a distinct value to our business. We believe LPL has the size and scale to create efficiencies for our practice, provides a robust offering of resources and tools and gives us the opportunity to build a brand that our clients can trust.
"Additionally, IAA’s local presence offers ongoing practice management and operational support that will enable us to deliver the service our clients have come to expect."
LPL executive vice president of business development Steve Pirigyi added: "It has been an increasing trend for advisors to join a local RIA for the customized and personalized support it can provide when paired with the backing of a large firm that can deliver a broad range of resources and tools.
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By GlobalData"As the market consolidates, this model may have an even greater appeal for its ability to help advisors navigate the changing regulatory landscape and create growth opportunities for their firms. We look forward to supporting Charlotte Wealth Advisors on the LPL platform."
Charlotte-based CWA was co-founded by John Osterberg and Chad Pannell. The firm offers various services such as holistic financial planning, investment management and retirement planning to serve mass affluent and high-net-worth individuals, families and businesses. As of 31 March 2016, the company oversaw about $200m in commission- and fee-based client assets.
