Megent Financial, an independent financial-advice firm for union workers, has returned to brokerage firm LPL Financial after substantial growth over the past few years.
The firm's nine advisers do business in the greater Chicago area, collecting fees and commissions for retirement plan and health benefit services they provide to those working in organized labor unions, according to a
statement Tuesday from LPL. Megent had about $450 million of brokerage and advisory assets as recently as last month.
The Orland Park, Ill.-based firm will operate its fee-based practice through the registered investment adviser Opus Wealth Management Group on LPL's hybrid RIA platform. Before its return, Megent had been on LPL's broker-dealer platform for several years into 2012, according to the statement.
“In the past few years our firm has grown substantially, and we believe that LPL can best support our firm with its size and scale,”
Eric Burton, Megent's president, said in the statement. He also cited the firm's support in recruiting advisers and other firms to its business.
Boston-based LPL provides technology, clearing and compliance services, as well as practice management programs and independent research to more than 14,000 independent financial advisers.
Before joining the firm's network, Mr. Burton was previously registered with FSC Securities Corp., according to the Financial Industry Regulatory Authority Inc.'s
BrokerCheck.
Mr. Burton and LPL spokeswoman Lauren Hoyt-Williams didn't immediately return phone calls seeking comment.
