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LPL Financial sign in San Diego

Industry Spotlight > Broker Dealers

LPL Picks Up $3.1B Firm From TD Ameritrade

By Jeff Berman

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CG Advisor Network selected LPL Financial as its primary custodian and exclusive broker-dealer, LPL said Tuesday.

Haslett, Michigan-based CGAN, a division of registered investment advisor CG Advisory Services that serves CGAS’ independent advisory reps, served about $3.1 billion in advisory and brokerage assets, previously at TD Ameritrade and Geneos Wealth Management.

TD Ameritrade parent company Charles Schwab declined to comment on losing CGAN to LPL.

CGAN was founded in 1998 by CEO Anthony J. Mazzali, a certified financial planner with 29 years of experience in the sector, according to his report on the Securities and Exchange Commission’s website.

“After taking stock of the wealth management space, CGAN founders realized that many advisors were looking to run their practices more efficiently, more effectively and more independently,” LPL said in a news release. “So they created a platform and back-office support system that would enable them to transition smoothly from a large firm to their own [operation].”

CGAN has grown to 74 advisors who serve clients across the U.S. The firm selected LPL “to enhance service experiences and further demonstrate its commitment to be a top-tier choice for advisors,” it said.

“We’re constantly striving to build the kind of future-proof platform that helps advisors eliminate back-office, technology and investment management burdens so they can spend more time where it really matters — growing their business.”

“LPL has a very good understanding of the advisor as a client and will help make us only stronger in this endeavor,” Mazzali said. “We will remain multi-custodian, with LPL being the primary custodian in our search for the best partner in the custody space.”

CGAN executives also “recognized LPL’s flexibility and open-minded approach to supporting their business, as well as the firm’s commitment to future enhancements that support the evolution of the profession,” according to LPL.

“We appreciate LPL’s corporate strategy and commitment to supporting large RIAs in the custodial-only space, as well as the firm’s culture and attention to services and products that support both the advisor and end client,” Mazzali said in a statement.

LPL now supports over 21,000 financial advisors, including advisors at about 1,100 enterprises and at about 500 RIAs nationwide who custody or service $1 trillion in brokerage and advisory client assets, it said.

(Pictured: LPL campus in South Carolina. Photo: LPL Financial)

Jeff Berman

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