A firm that had overseen $265 million in assets at Cadaret Grant & Co. has affiliated with LPL Financial and will use LPL's broker-dealer, RIA and custodial platforms, the firm announced Monday.
Infinity Wealth Group in northern New Jersey was founded in 1992 by Robert Doran, its president, after he spent 10 years at IBM. In response to mass layoffs in the corporate world, Doran decide to focus his advisory firm on retirement planning and wealth management.
The firm includes four other advisors: Robert Sundermann, George Gahles and father and son team James and Kevin Mangam. There are also three staffers.
Infinity Wealth Group had been affiliated with Cadaret Grant since 1998, according to BrokerCheck.
The move to LPL is part of the team’s efforts to improve the firm.
“The tools that LPL provides to advisors will help us to simplify account management, boost practice efficiency, provide scalability and improve the overall client experience,” Doran said in a statement. “LPL’s size and scale, and their commitment to invest heavily in financial technology, resources and experienced staff, will provide myself and my team what we need to best support our clients, grow our business and build more long-lasting relationships.”
Doran also cited LPL’s self-clearing capabilities and single sign-on digital capabilities. “Without the need for a third party to conduct trades, we will save precious time, which we will be able to use to help our clients.”
Despite a lighter regulatory outlook and staffing disruptions at the SEC, one compliance expert says RIA firms shouldn't expect a "free pass."
Carson has fully acquired another firm in Florida, while Simon Quick Advisors finds its third perfect-fit partner in a Las Vegas-based boutique.
FINRA has been focused on firms and their use of social media for several years.
The model has surged in popularity thanks to its fiduciary appeal, but the show is far from over for no-fee and commission-based arrangements.
Asset managers filing to launch dual share-class mutual funds, creating an ETF sleeve for existing strategies, could end up eroding key benefits of the wrapper.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
