LPL Financial (LPLA) said early Thursday that ITI Strategies is joining its broker-dealer platform with about $200 million in client assets, while one of its affiliated hybrid RIAs drew a new team to its wealth operations with some $200 million in assets.
In addition, ITI Strategies will provide advisory services through Private Advisor Group, an investment advisory firm on LPL’s hybrid RIA platform.
Based in Peekskill, New York, ITI is led by Lawrence DeNoia and includes financial advisors Daniel Giaimo, Joseph Kelly and Patrick Lennon. It serves clients mainly in New York, New Jersey and Connecticut, but provides services to clients in a total of 20 states.
“We believe that by transitioning to LPL and Private Advisor Group we can operate our business more efficiently and also gain the flexibility to be able to better serve the interests of our clients,” said DeNoia in a statement.
He added, “We have spent 28 years building our independent brand. We can build upon that foundation and take our business further now that we have access to LPL’s enhanced technology and robust tech support services and compliance support from Private Advisor Group.”
Stratos Wealth Adds Team From Wells Fargo
Ohio-based Stratos Wealth Partners, an LPL-affiliated hybrid RIA, recently gained an addition to its office in Scottsdale, Arizona, with the addition of wealth advisors Bob Rittel and Elizabeth Mahoney. Operating as Rittel & Mahoney Wealth Management, the two joined Stratos as partners from Wells Fargo Advisors (WFC), where they managed approximately $200 million in advisory and brokerage client assets.
Rittel and Mahoney created a joint partnership in 2012 in order to offer a more specialized and customized practice for their clients. They also have an office in Peoria, Arizona.
Stratos Wealth Partners manages some $3.1 billion in advisory assets, and has, through LPL Financial, over $4.2 billion in brokerage and third-party assets (for a total of more than $7.3 billion in assets as of Dec. 31).
IFP Expands to Phoenix
Meanwhile, Tampa, Florida-based Independent Financial Partners, which is a hybrid RIA that uses the LPL platform, opened a new home office in Phoenix, Arizona, the first of several regional offices the company plans to roll out across the country in the near future. IFP has more than 450 advisors and nearly $6 billion in assets under management.