LPL loses custody business of RIA managing $1.3 billion

LPL loses custody business of RIA managing $1.3 billion
Fragasso Financial Advisors chooses TD Ameritrade; moves B-D business to Private Client Services.
JUL 13, 2018

Fragasso Financial Advisors, a Pittsburgh, Pa.-based RIA managing $1.3 billion, is moving its custodial relationship from LPL Financial to TD Ameritrade. The firm also said it will move its small, legacy brokerage business to Private Client Services, an independent broker-dealer based in Louisville, Ky. "The new relationship is the result of a detailed evaluation and a careful search process for a partner" who would support the firm's growth goals and align with its RIA business model, the firm said in a release. The moves are effective August 2. (More: InvestmentNewsAdvisers on the Move database) Fragasso has been a registered investment adviser since 1996, when it began its custodial and broker-dealer relationship with LPL. Fragasso now employs 50 professionals and has more than 1,200 clients.

Latest News

Crypto has arrived in the brokerage account but what does it mean for advisors?
Crypto has arrived in the brokerage account but what does it mean for advisors?

Prometheum's Aaron Kaplan on why clearing ETH inside a US brokerage account changes the conversation and what still needs to happen before adoption scales.

Technology Is Moving Fast. Adoption Shouldn’t Be Rushed
Technology Is Moving Fast. Adoption Shouldn’t Be Rushed

The tools are evolving rapidly, but in wealth management, the real challenge isn’t access. It’s integration, security, and discipline.

Lawyer exits case of former JPMorgan Chase banker whose sexual assault claims went viral
Lawyer exits case of former JPMorgan Chase banker whose sexual assault claims went viral

Chirayu Rana’s lawsuit has garnered massive attention on Wall Street.

Schwab advisor arrested for domestic violence charges
Schwab advisor arrested for domestic violence charges

Terrance L. Hayes was arrested April 20 and charged with two felonies.

Most Americans are at risk of outliving their retirement savings
Most Americans are at risk of outliving their retirement savings

People are living longer, but new research warns that many may outlive their savings.

SPONSORED When Growth Outruns the System

According to Flyer Financial Technologies, rising portfolio complexity is exposing the limits of legacy infrastructure and widening the gap between automation and reality

SPONSORED Why strategy matters more than performance

In volatile markets, the advisors who win aren't the ones with the best calls - they're the ones whose clients stay the course.