LPL and Independent Financial Partners lose $10 billion retirement group

Departure by Retirement Benefits Group comes on the heels of IFP's decision to start up its own broker-dealer

Oct 18, 2018 @ 2:20 pm

By Greg Iacurci

Retirement Benefits Group, a multibillion dollar advisory group focused on defined-contribution plans, is leaving LPL Financial and Independent Financial Partners early next year, according to a source familiar with the plans.

RBG — which had $10 billion and 55 retirement plan advisers as of year-end 2017, according to InvestmentNews data — is joining another registered investment adviser, Resources Investment Advisors Inc., in January 2019, said the source, who wished to remain anonymous.

Retirement Benefits Group has advisory assets with both LPL's corporate registered investment adviser and Independent Financial Partners, and it uses LPL as its broker-dealer.

Independent Financial Partners, a mega-hybrid RIA with more than 500 advisers, this year announced it would be leaving LPL in 2019 to create its own broker-dealer. That has led advisers using the IFP platform — including Retirement Benefits Group — to weigh their options.

Resources Investment Advisors uses the broker-dealer Triad Advisors, one of the five independent brokerage firms that is part of Ladenburg Thalmann's network. Resources has roughly $10.4 billion in assets, with $9 billion of the total coming from retirement plans, according to its most recent Form ADV filed with the Securities and Exchange Commission.

Spokespeople for Retirement Benefits Group, Independent Financial Partners and LPL weren't immediately available to comment. Vincent Morris, president of Resources Investment Advisors, declined to comment.

Resources Investment Advisors had been affiliated with LPL until early 2017, when it moved to Triad Advisors. LPL, however, recently was able to retain a $14 billion retirement group, Sheridan Road Financial, that currently custodies with IFP but is starting up its own registered investment adviser.

LPL, the largest independent broker-dealer in the U.S., also has seen two heads of its Retirement Partners group — Bill Beardsley and David Reich — leave the unit in a little over a year. The group is now run by Bryan Hodgens.


What do you think?

View comments

Recommended for you

Featured video


How are broker-dealers helping 401(k) advisers adapt to a changing market?

Bryan Hodgens, co-head of LPL Financial's Retirement Partners group, says the industry is getting much better at connecting advisers to wealth management opportunities and helping scale their businesses.

Latest news & opinion

IBDs with the most CFPs

How many of the more than 83,000 certified financial planners are employed by the big independent broker-dealers?

Richard Thaler wants to use 401(k)s to boost Social Security payments

The Nobel laureate wants to simplify drawing down retirement assets, which he thinks is 'way harder' than saving the money.

InvestmentNews announces 2019 Innovation Awards winners

Sheryl Garrett is this year's InvestmentNews Icon.

Morgan Stanley rides wealth management train to solid first quarter

Chairman and CEO James Gorman expresses excitement about expanding into workplace plans with purchase of Solium.

Fate of New Jersey fiduciary standard could come down to politics, court

With strong support from N.J. Gov. Phil Murphy, the proposal has momentum out of the gate.


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print