$470M retirement-focused RIA joins LPL

The RIA was previously affiliated with Kestra Investment Services.
JUN 13, 2017

A hybrid registered investment advisory shop overseeing roughly $470 million in qualified retirement plan assets has affiliated with LPL Financial as its broker-dealer. The firm, Black Box Pension Advocates, which is located in Solon, OH, was previously affiliated with the broker-dealer Kestra Investment Services. Black Box Pension Advocates also joined Global Retirement Partners, a registered investment adviser and LPL's largest retirement-plan-focused office of supervisory jurisdiction. Roughly 170 advisers with $46 billion in assets are affiliated with GRP. Black Box focuses on full-service retirement plan consulting, including plan design, employee engagement and financial wellness, said Thomas Herbuck, owner and retirement plan consultant. Around 95% of its assets are held in advisory accounts. Aside from Mr. Herbuck, two other individuals (a client service manager and project manager) are part of the practice. Mr. Herbuck said he felt compelled to make the move in part to align his company with "where the most forward-thinking retirement plan consultants in the industry are."

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