The Financial Services Network of San Mateo, Calif. - which includes 230-plus independent financial advisors with over $40 million in revenues in 2007 - has said it switched its broker/dealer affiliation to Associated Securities Corp. ("ASC"), an affiliate of LPL Financial, after departing from FSC Securities Corporation, part of the AIG Advisor Group now up for sale.
"The Network and ASC share a common dedication to helping advisors succeed at all stages of their careers by providing access to the extensive resources of LPL Financial ... " says James W. Herrington, the group's and chairman. "We made this decision because of the strong relationship we have with our advisors and their clients."
Based on '07 sales, advisors in this group averaged about $177,500 in production last year.
"Jim and his team have built one of the most respected organizations in our industry and we are thrilled to welcome the Network to Associated Securities Corporation and into the LPL Financial family of independent advisors," shares Derek Bruton, CEO, LPL Financial Affiliated Broker/Dealers.
This Silicon Valley-based advisor group is "a strong addition to the LPL Financial Affiliated Broker/Dealer business, which has seen over a 350 percent increase in recruiting year-to-date and a nearly 95 percent retention rate among advisors since acquiring Mutual Service Corporation, Associates Securities Corp. and Waterstone Financial Group in June 2007," according to LPL Financial.
LPL Financial says it has some 11,600 financial advisors and 3,000 employees as of August 31. It has some $275 billion under management, or $23.5 million per advisor in AUM on average.