Suffolk Wealth Administration, the funding program provided by the credit score union Suffolk Federal, might be becoming a member of LPL Monetary, accessing its broker-dealer and company registered funding advisor platforms. Suffolk’s advisors might be becoming a member of LPL from CUNA Brokerage Companies.
“Being within the business for 30 years, there was a lot change and we felt it was time for us to align with a platform that would create extra alternatives for our members,” stated James Gallagher, Suffolk’s Vice President of Credit score Union Companies. “We might very simply see that LPL listens to their advisors.”
Suffolk Wealth Administration is predicated in Medford, N.Y. and has about $110 million in belongings below administration. Suffolk Federal was based greater than 50 years in the past and has 11 branches all through Lengthy Island.
The partnership between Suffolk and LPL is the newest in a spate of recruitments by the nation’s largest impartial dealer/supplier. Late final month, Texas-based Salter Monetary Group joined LPL from Cetera Monetary Community with $100 million AUM, and LPL added 30 advisors with $three billion in managed belongings from Florida-based Allen & Firm in Could. Earlier this month, PacNorth Retirement Group, which manages roughly $1.1 billion of brokerage, advisory and retirement plan belongings, joined LPL from Raymond James, citing the IBD’s built-in tech platform as an attractive advantage of the brand new partnership.
These recruitments have been occurring throughout a interval of ‘rebounding’ for LPL, with advisors lauding the agency’s up to date tech capabilities and responsiveness to advisor issues. As of April, LPL had $699 billion in AUM, with 16,189 advisors on the finish of the primary quarter.
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