$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

Chicago’s 'Mr. Finance' posed as advisor in loan scheme, according to Illinois regulators
Chicago’s 'Mr. Finance' posed as advisor in loan scheme, according to Illinois regulators

The Illinois order refers to Brandon Ellington’s investment program as a “Ponzi-like scheme.”

Bezos calls for zero income tax on bottom half of earners
Bezos calls for zero income tax on bottom half of earners

But the Amazon executive chair seems to want it both ways, arguing that taxing the ultra-wealthy won't help struggling Americans.

Why the Charity Parity Act matters for retired clients in 401(k)s
Why the Charity Parity Act matters for retired clients in 401(k)s

Northern Trust planning leader sees the bill extending qualified charitable distributions to employer plans as a potential positive step — but advisors shouldn't overlook bigger holes in the strategy.

Trust is built before volatility arrives
Trust is built before volatility arrives

Markets will always create reasons for investors to worry. The advisor’s role is not to predict uncertainty, but to help clients understand why volatility should not derail a well-built financial plan.

Fintech bytes: Orion and Flourish bring client cash into advisor workflows
Fintech bytes: Orion and Flourish bring client cash into advisor workflows

Plus, Asset-Map partners with Contio to elevate the advisor meeting experience, and MyVest claims an innovation in portfolio management with separately managed models.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline