LPL nabs $3.1 billion advisor network from Geneos

A network of advisors managing $3.1 billion in assets that previously had custodied with TD Ameritrade and was affiliated with Geneos Wealth Management has switched to using LPL Financial as its broker-dealer and primary custodian, LPL announced Tuesday.

CG Advisor Network, a unit of RIA CG Advisory Services, was founded in 1998 by CEO Anthony J. Mazzali and a group of advisors. It provides a platform and a back-office support system for advisors who are leaving a big firm to work independently.   

Headquartered in Haslett, Michigan, CG Advisor Network now has 74 advisors.

Mazzali said in a statement that the move reflects CG Advisor Network’s efforts to make its advisors’ lives easier.

“We’re constantly striving to build the kind of future-proof platform that helps advisors eliminate back-office, technology and investment management burdens so they can spend more time where it really matters — growing their business,” he said. “LPL has a very good understanding of the advisor as a client and will help make us only stronger in this endeavor.”

“We will remain multi-custodian, with LPL being the primary custodian in our search for the best partner in the custody space,” Mazzali added.

[More: Bank program managing $475 million joins LPL]