CHARLOTTE, N.C. – June 15, 2017 – Leading retail investment advisory firm and independent broker/dealer LPL Financial LLC, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), today announced that Socratic Wealth Advisors has joined LPL’s broker/dealer platform and aligned with Independent Advisor Alliance (IAA), an independent advisory firm on LPL’s hybrid registered investment advisor (RIA) platform. Socratic Wealth Advisors reported that, based on prior business*, its advisors served approximately $275 million of client brokerage and advisory assets, as of April 30.
Based in Raleigh, N.C, Socratic Wealth Advisors was founded in 2017. The firm includes five advisors, Chris Demarest, Murat Kaptanoglu, Andrew Lipson, Conley Perry and Brad Williams, and four professional staff members.
“Independence is the core pillar of our business model,” said Kaptanoglu, managing partner and private wealth advisor, Socratic Wealth Advisors. “By joining IAA and LPL we have the ability to serve our clients’ best interests and also gain access to the choice and flexibility to be able to offer investment solutions that address the unique needs of each client. In addition, IAA and LPL offer a wide variety of resources and technology capabilities that will help us to provide the best service experience possible for our clients.”
“We welcome Socratic Wealth Advisors to LPL,” said Craig Kamis, LPL executive vice president, Business Development. “With the increasing regulatory changes, LPL has been seeing a flight to quality by advisors in the independent space. Socratic Wealth Advisors was looking for a true independent partner that could also provide high-quality service and technology resources to help them manage and grow their business. We are honored that they recognized LPL as a leader in the independent space and look forward to supporting their team in their goal to help investors’ meet their financial goals.”
“The Socratic Wealth Advisors team was looking for a personalized, boutique firm coupled with the size and scale of a large independent broker/dealer to be able to better serve their clients and grow their business,” said Robert Russo, founder and chief executive officer of IAA. “The partnership of IAA and LPL can help deliver on both. LPL affords this team access to a deep and broad range of resources that can enable them to support the varying financial goals of their clients. And IAA is a dedicated partner to our network of advisors to enable them to operate an independent business model by offering the LPL platform along with personalized support and a network of peers.”
*Asset numbers were reported by Socratic Wealth Advisors based on prior business and have not been independently and fully verified by LPL Financial.
About LPL Financial
LPL Financial LLC, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), is a leader in the retail financial advice market and provided service to approximately $535 billion in brokerage and advisory assets as of April 30, 2017. LPL is one of the fastest growing RIA custodians and the nation's largest independent broker-dealer (based on total revenues, Financial Planning magazine June 1996-2016), and the firm and its financial advisors were ranked No. 1 in net customer loyalty in a 2016 Cogent Reports™ study. The Company provides proprietary technology, comprehensive clearing services, practice management programs and training, and independent research to more than 14,000 financial advisors and over 700 financial institutions, enabling them to provide a range of financial services including wealth management, retirement planning, financial planning and other investment services to help their clients turn life's aspirations into financial realities. Financial advisors associated with LPL also serviced an estimated 46,000 retirement plans with an estimated $135 billion in retirement plan assets, as of March 31, 2017. Additionally, LPL supports approximately 3,900 financial advisors licensed and affiliated with insurance companies with customized clearing, advisory platforms, and technology solutions. LPL Financial and its affiliates have more than 3,300 employees with primary offices in Boston, Charlotte, and San Diego.
Securities and Advisory Services offered through LPL Financial. A Registered Investment Advisor, Member FINRA/SIPC.
About Independent Advisor Alliance
Based in Charlotte, N.C., Independent Advisor Alliance (IAA) is strategically focused on building a community of successful independent advisors serving the financial and retirement needs of individuals and businesses. Through its hybrid RIA model, IAA provides its affiliated advisors with a broad range of customized support services designed to optimize efficiencies, reduce expenses, attract and retain clients, and boost revenue. Founded in 2007, today IAA serves more than 80 independent LPL financial advisors across the U.S., servicing over $2.5 billion of retail client assets. For more information, visit www.independentadvisoralliance.com.
Investment advice also offered through Independent Advisor Alliance, a registered investment advisor. Independent Advisor Alliance and Socratic Wealth Advisors are separate entities from LPL Financial.