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March 31, 2015 at 09:58 AM
LPL Financial (LPLA) said an RIA with 65 advisors and about $2 billion in assets is now using its custodial platform.
The Center for Wealth Planning of Troy, Michigan, has utilized LPL’s corporate RIA and broker-dealer platforms since 2005. The group says it now wants to tap the custodial services to help its advisors further grow businesses. It currently provides its independent advisors with practice management, compliance, client service and business process support.
“By giving our advisors the option to work through our own RIA – Center for Wealth Planning Advisors – or to continue to affiliate with LPL Financial’s corporate RIA, we now have the flexibility to offer multiple advisory business models and allow each of our advisors to run their businesses and pursue their goals as they see fit,” said Joseph Ruzycki, founder and CEO of the group, in a statement.
LPL rolled out its RIA offering in 2008. Total assets served by the platform are over $90 billion.
“We are pleased that the Center for Wealth Planning has chosen to join our RIA custody platform,” said Matthew Enyedi, LPL executive vice president for RIA and high-net-worth solutions, in a press release. “We have been privileged to work with CWP over the past 10 years as their broker-dealer, and we look forward to continuing to support them as they grow through our RIA custody platform.”
