LPL Financial said that Financial Advocacy Network has joined the LPL Financial broker-dealer and RIA custodial platform.
The advisors of FAN, a newly launched independent hybrid RIA group that supports four independent financial advisory practices with a total of 13 financial advisors, have a total of approximately $450 million of advisory and brokerage client assets, as of April 15, 2014.
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Based in the Washington, DC, area, FAN was co-founded by veteran financial advisor Chris Cox, along with his wife Amy Fernicola Williard, who serves as the group’s compliance officer, and Marty Sullens, the group’s head of business development.
FAN’s mission is to empower experienced fee- and commission-based financial advisory practices that seek to be independent, but do not desire to be alone. Towards this end, FAN provides a comprehensive array of compliance supervision services, as well as back and middle office support to independent advisors, designed to enable them to maximize their focus on client relationships.
In addition, FAN seeks to leverage the broad range of intellectual capital and financial advisory experience available among its members to create a network for sharing ideas, capabilities, best practices and business growth opportunities.
FAN expects to expand each member advisory practice’s financial advisory capabilities in areas such as asset management, investment research, insurance solutions, and retirement planning, while also providing its member practices with support in areas such as training, recruiting and succession planning.
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By GlobalDataSteve Pirigyi, Executive Vice President of Business Development at LPL Financial, said, "We are very pleased to welcome Chris Cox and all the independent advisors in Financial Advocacy Network to LPL Financial. Their objective to nurture a broad range of capabilities among FAN’s independent advisors, and then share their common intellectual capital, is a forward-thinking innovation on the advisor group business model, and we are pleased to work with them to help facilitate their vision.
We are proud they have recognized that LPL Financial’s combination of flexibility, support and regulatory expertise can help enable the group to move forward. We’re excited to serve as their partner for enabling growth and success for the future."
FAN’s member advisory practices serve a range of clients across the country, including mass-affluent and high net worth individuals and institutions. Its member independent advisor practices include The Monitor Group, of Rockville, MD, of which Mr. Cox is also a principal financial advisor; Wenger Financial Services, of Newport News, VA; Legacy Wealth Management, of Mt. Pleasant, SC; and Newcorp Wealth Strategies, of Atlanta, GA. All four affiliated practices conduct their fee-based advisory business through FAN’s registered investment advisory (RIA) firm, Maryland Financial Group, Inc.
Mr. Cox, co-founder of FAN and Managing Principal of The Monitor Group, said, "I am very excited by our launch of Financial Advocacy Network, which will enable each of our members to operate as independent advisors while maximizing their capabilities to grow, succeed and learn from one another. As an industry leader in the independent advisor space we feel LPL Financial understands the independent advisor business model like no other partner or potential partner we encountered, and they have been extremely supportive of our vision for our member practices, our network and the independent financial advice industry’s future."
