LPL loses broker-dealer business of $915 million hybrid to Private Client Services

RFG Advisory, a hybrid firm based in Birmingham, Ala., whose RIA arm manages $915 million, has switched its broker-dealer affiliation from LPL Financial to Private Client Services. According to its website, the hybrid has $817 million in brokerage and third-party assets. RFG defines itself as a service company first, a technology company second, and an RIA third. It said the change in broker-dealer "will allow us to streamline our process for client and operational support," according to a release. PCS clears through Pershing LLC.