LPL affiliates Financial Resources Group Investment Services and Gladstone Wealth Group have agreed to combine operations in a deal that will create a financial behemoth with $24bn in brokerage and advisory assets.
The consolidation will take place on 15 May 2020, creating the largest firm operating under LPL Financial’s corporate RIA platform.
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The merged entity will have more than $141m in revenue as well as 670 registered representatives. It will have staff strength of more than 155.
Commenting on the merger, Gladstone CEO Richard Frick said: “Together, we will offer multiple platforms to all advisers through four channels, financial institution based advisers, combination financial institution based and independent advisers, and fully independent advisers either through the LPL Corporate RIA or Gladstone’s RIA.”
The consolidation makes the 33-member team of Financial Resources responsible for the oversight of Gladstone Corporate LPL advisers.
The team will offer nationwide business consulting, marketing, training and technology support.
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By GlobalDataFinancial Resources president Bruce Miller welcomed the merger, saying that he has worked alongside Gladstone founder Robert Hudson since 2016.
Hudson noted: “We are terrific complements, as we focus on attracting and servicing financial advisers or teams of financial advisers with over $100m in assets under management and have our own RIA, while Financial Resources Group offers best in class infrastructure and resources for all advisers.”
Based in Charlotte, North Carolina, Financial Resources Group caters to more than 80 financial institutions. It offers business development, onboarding, marketing support, and technology services, among others.
Gladstone, headquartered in Chester, New Jersey, offers compliance, marketing, human resources and administrative support to help advisers go independent.
