$450 million hybrid RIA network launches with LPL

Financial Advocacy Network, a collective of 13 advisers with $450 million in assets, is hoping to grow to $1 billion in five years
SEP 17, 2014
A group of hybrid registered investment advisers is rebranding as it looks to build a network for independent advisers at LPL Financial. Thirteen independent advisers with about $450 million in assets have started a collective, known as the Financial Advocacy Network, as they look to add more advisers to their group and grow to $1 billion or more in client assets in five years. The advisers, who joined LPL in March and April this year according to regulatory filings, had been operating as four MidAtlantic and Southeast firms, The Monitor Group of Rockville, Md., Legacy Wealth Management of Mount Pleasant, S.C., Wenger Financial Services of Newport News, Va., and Newcorp Wealth Strategies of Atlanta. They all conducted fee-based business and reported on the same ADV under Maryland Financial Group. They cleared through Pershing before joining LPL, according to FAN's co-founder, Chris Cox. They will still conduct their RIA business through Maryland Financial Group, which had been owned by Chris Cox but will now be owned by FAN, which Mr. Cox co-founded with his wife, Amy Fernicola Williard, and Marty Sullens, the group's head of business development. Ms. Williard serves as the group's chief compliance officer. FAN will provide “a comprehensive array of compliance supervision services,” back office, and succession planning and training support to the advisers who join the network, according to Mr. Cox. “We have our own individual clientele, but the advisers are also our clients,” Mr. Cox said. “Basically, we built some infrastructure for advisers who want to join our group, so they don't have to do it.” LPL's recruiting team also will help FAN expand in the MidAtlantic and Southeast, according to Steve Pirigyi, executive vice president of business development at LPL. Mr. Cox said the concept for FAN was developed three years ago but was just being announced and implemented since the firms moved to LPL.

Latest News

Want to get the most out of alts? You’ll have to do your homework
Want to get the most out of alts? You’ll have to do your homework

Advisors who expect an edge from alternatives' illiquidity premium – without understanding the underlying terms and explaining them to clients – have a world of learning to do.

'Finfluencer' Ponzi scheme defrauds investors of over $20M
'Finfluencer' Ponzi scheme defrauds investors of over $20M

The social influencer Tyler Bossetti pleaded guilty to wire fraud and aiding in the filing of false tax documents as a result of the real estate scheme, which ran from 2019 to 2023 and used platforms including Facebook and YouTube.

US annuity sales see sixth straight $100B+ quarter
US annuity sales see sixth straight $100B+ quarter

The latest LIMRA data release shows continued growth in RILAs, variable annuities, and FRD products, though researchers argue more education is still needed.

RIA moves: Thiel's Indivisible welcomes Ride Wealth Partners, $4B Beacon snaps up Astor
RIA moves: Thiel's Indivisible welcomes Ride Wealth Partners, $4B Beacon snaps up Astor

Indivisible Partners builds on its strategy to take turf in the independent space with its latest move in Colorado.

Advisor moves: LPL adds $425M Evermark Investment Partners, $300M Merril Lynch group hops to Ameriprise
Advisor moves: LPL adds $425M Evermark Investment Partners, $300M Merril Lynch group hops to Ameriprise

LPL's latest addition, a San Diego team defecting from RBC, represents a milestone for the broker-dealer giant's Strategic Wealth model for wirehouse breakaways.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave