LPL and Independent Financial Partners lose $10 billion retirement group

LPL and Independent Financial Partners lose $10 billion retirement group
Departure by Retirement Benefits Group comes on the heels of IFP's decision to start up its own broker-dealer.
OCT 18, 2018

Retirement Benefits Group, a multibillion dollar advisory group focused on defined-contribution plans, is leaving LPL Financial and Independent Financial Partners early next year, according to a source familiar with the plans. RBG — which had $10 billion and 55 retirement plan advisers as of year-end 2017, according to InvestmentNews data — is joining another registered investment adviser, Resources Investment Advisors Inc., in January 2019, said the source, who wished to remain anonymous. Retirement Benefits Group has advisory assets with both LPL's corporate registered investment adviser and Independent Financial Partners, and it uses LPL as its broker-dealer. Independent Financial Partners, a mega-hybrid RIA with more than 500 advisers, this year announced it would be leaving LPL in 2019 to create its own broker-dealer. That has led advisers using the IFP platform — including Retirement Benefits Group — to weigh their options. Resources Investment Advisors uses the broker-dealer Triad Advisors, one of the five independent brokerage firms that is part of Ladenburg Thalmann's network. Resources has roughly $10.4 billion in assets, with $9 billion of the total coming from retirement plans, according to its most recent Form ADV filed with the Securities and Exchange Commission. Spokespeople for Retirement Benefits Group, Independent Financial Partners and LPL weren't immediately available to comment. Vincent Morris, president of Resources Investment Advisors, declined to comment. Resources Investment Advisors had been affiliated with LPL until early 2017, when it moved to Triad Advisors. LPL, however, recently was able to retain a $14 billion retirement group, Sheridan Road Financial, that currently custodies with IFP but is starting up its own registered investment adviser. LPL, the largest independent broker-dealer in the U.S., also has seen two heads of its Retirement Partners group — Bill Beardsley and David Reich — leave the unit in a little over a year. The group is now run by Bryan Hodgens.

Latest News

Texas man says SEC and fund could make him pay twice
Texas man says SEC and fund could make him pay twice

A $141M judgment and a federal asset freeze collide over one shrinking pool

Osaic executives Kristy Britt and Greg Cornick to leave
Osaic executives Kristy Britt and Greg Cornick to leave

The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.

Estate planning becomes a client retention issue for financial advisors, survey finds
Estate planning becomes a client retention issue for financial advisors, survey finds

Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.

Candidly adds AI agents for Trump Accounts, workplace benefits
Candidly adds AI agents for Trump Accounts, workplace benefits

CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.

BMO adds three advisors in Dallas amid Y'all Street wealth boom
BMO adds three advisors in Dallas amid Y'all Street wealth boom

The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.