Independent Advisor Alliance has a fresh injection of capital as LPL Financial has taken a minority stake in the hybrid firm.
IAA supports financial advisors in their independent practice and the new investment will help to expand the tools and services that make up its ecosystem including its partnership program which invests capital in partner firms.
The decision to work with LPL was based on shared values of fostering innovation and providing better services for financial advisors.
"Ultimately, it came down to what was in the best interest of our advisors. It's a win-win for advisors when their RIA and broker dealer are aligned," said Robert Russo, CEO and Founder of IAA. "Our partner firms know we're in it for the long haul. They have clarity and security in their future, combined with the best support and services in the industry."
IAA will retain majority ownership and full control of the business and Russo says it is a major milestone on the firm’s growth journey.
The North Carolina-based firm recently bolstered its senior leadership team to focus on growth and marketing with new hires including former LPL Financial executive David Buzo who is IAA’s chief marketing officer.
LPL Financial’s Jeremy Holly, EVP of business strategy and growth agrees that the two firms have shared aims.
"Since its inception, IAA has been dedicated to providing robust support and innovative programs that empower financial advisors to be successful independent business owners,” he said. “Like LPL, IAA's focus is on advisors and helping them to grow their businesses. We are proud to partner with IAA as they build upon their success.”
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The Charity Parity Act would eliminate a costly IRA rollover requirement that blocks direct charitable transfers from workplace retirement plans.
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