LPL Financial (LPLA) said Wednesday that it had extended its clearing and custody deal with AXA Advisors, which as more than 5,000 advisors in some 145 offices. The deal began in 2007.
“We are delighted AXA Advisors has decided to extend their clearing relationship with our firm,” said David Akellian, head of Custom Clearing Services for LPL Financial, in a statement.
“Since deciding to use LPL five years ago, our two organizations have worked in partnership to grow the AXA Advisors investment business,” added Akellian, who joined LPL in June 2011 from Stifel Nicholaus’ unit Century Securities Associates, after stints at Merrill Lynch and Pershing.
When Akellian came on board, LPL said it was working with multiple clients, including seven insurance companies and 4,000 of their advisors.