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Technology > Investment Platforms > Turnkey Asset Management

Wealth Team Joins LPL’s Hybrid Model From Bank of Tampa

By Danielle Andrus

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A new independent firm is forming in Tampa, Fla., as the leadership team of Florida Investment Advisors leaves the Bank of Tampa to join LPL’s hybrid model.

Wealth Advisors of Tampa Bay managed $350 million in assets under management while with Florida Investment Advisors and is led by Fenn Giles, president and partner.

“The independent model represents freedom not only for us as wealth managers, but more importantly, for our clients,” Giles said in a statement. “We can now approach the individual wealth management needs of our clients with complete objectivity and transparency. The added variety of tools, resources and technology through our relationship with LPL Financial allows us to drive results and optimize personalized investment strategies.”

Collectively, Giles, along with Roger Martin as senior portfolio manager and partner and Lori Nadglowski, chief operating officer and partner, have more than 100 years of experience in the industry.

LPL Financial announced on Monday that the company’s RIA platform, which was launched three years ago, has surpassed $25 billion in total assets under custody. At the end of 2009, the first full year of the platform’s operation, it had $7.3 billion.

Additionally, the number of RIAs on the platform increased by 59%, rising from 92 advisors to 146. Average assets under management nearly doubled to $155.5 million from $80 million.

“Crossing the $25 billion threshold in assets under custody in such a short amount of time is a significant achievement for our RIA platform,” Derek Bruton, managing director and national sales manager for LPL Financial, said in a statement. “The numbers clearly demonstrate that we are very effectively competing and winning against all players in the custody space for the most successful RIA firms in the industry today.”

Bruton added, “We are very proud of our rapid progress, and even more excited about the multiple growth opportunities in front of us.” 

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