CHARLOTTE, N.C. – June 21, 2016 – 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 Charlotte Wealth Advisors (CWA) has joined the LPL Financial broker-dealer platform and will provide fee-based advisory services through Independent Advisor Alliance (IAA), an independent registered investment advisor (RIA) group on LPL’s hybrid RIA platform. CWA reported that, as of March 31, 2016, it served approximately $200 million of commission- and fee-based client assets*.
Based in Charlotte, N.C., CWA is a newly formed independent financial advisory firm co-founded by veteran advisors and long-time colleagues John Osterberg and Chad Pannell. They are joined by financial advisor Philip Lee CFP® and Taylor Bryant, a registered assistant. The firm offers a range of customized services including holistic financial planning, investment management and retirement planning for a diverse clientele of mass affluent and high-net-worth individuals, families and businesses. Serving clients mainly in the Charlotte area but registered to practice in other states as well, CWA is committed to partnering with its clients to better understand their needs, their lives and their goals.
John Osterberg, managing director of CWA, said, “We are excited to join both LPL and IAA, as each offers a distinct value to our business. We believe LPL has the size and scale to create efficiencies for our practice, provides a robust offering of resources and tools and gives us the opportunity to build a brand that our clients can trust. Additionally, IAA’s local presence offers ongoing practice management and operational support that will enable us to deliver the service our clients have come to expect.”
Robert Russo, founder and president of IAA, said, “We welcome Charlotte Wealth Advisors to the IAA community, which is expanding throughout the Southeast. We have found that the independent model coupled with our hands-on approach to advisor support is a strong value proposition for quality advisors seeking to grow their businesses.”
Steve Pirigyi, LPL executive vice president of business development, said, “It has been an increasing trend for advisors to join a local RIA for the customized and personalized support it can provide when paired with the backing of a large firm that can deliver a broad range of resources and tools. As the market consolidates, this model may have an even greater appeal for its ability to help advisors navigate the changing regulatory landscape and create growth
opportunities for their firms. We look forward to supporting Charlotte Wealth Advisors on the LPL platform.”
*Asset numbers were reported by Charlotte Wealth Advisors, based on prior business and have not been independently and fully verified by LPL Financial.
About Charlotte Wealth Advisors
Based in Charlotte, N.C., Charlotte Wealth Advisors is an independent financial advisory firm offering customized services including holistic financial planning, investment management and retirement planning for a diverse clientele of mass affluent and high-net-worth individuals, families and businesses primarily located in the Charlotte area as well as registered to practice in other states as well. Charlotte Wealth Advisors was founded in April 2016 by veteran advisors John Osterberg and Chad Pannell, who were joined by Philip Lee, also a financial advisor, and by Taylor Bryant, a registered assistant. Previously serving approximately $200 million of brokerage and fee-based advisory client assets, Charlotte Wealth Advisors is a relationship-based financial firm, committed to partnering with its clients to better understand their needs, their lives and their goals. For more information, visit www.charlottewealthadvisors.com.
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 60 independent LPL financial advisors throughout the Carolinas, servicing a total of more than $1.5 billion of retail client assets, and seeks to grow as a destination for independent advisors throughout the Southeast. For more information, visit www.independentadvisoralliance.com.
About LPL Financial
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ:LPLA), is a leader in the retail financial advice market and served approximately $486 billion in advisory and brokerage assets as of May 31, 2016. LPL is one of the fastest growing RIA custodians and is the nation's largest independent broker-dealer (based on total revenues, Financial Planning magazine June 1996-2016). The Company provides proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 14,000 independent financial advisors and over 700 banks and credit unions, enabling them to help their clients turn life's aspirations into financial realities. Advisors associated with LPL also serviced an estimated 45,000 retirement plans with an estimated $121 billion in retirement plan assets, as of March 31, 2016. LPL also supports approximately 4,200 financial advisors licensed and affiliated with insurance companies with customized clearing, advisory platforms, and technology solutions. LPL Financial and its affiliates have more than 3,400 employees with primary offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.
Securities and Advisory Services offered through LPL Financial. A registered investment advisor, Member FINRA/SIPC. Additional investment advice offered through Independent Advisor Alliance, a registered investment advisor. Independent Advisor Alliance and Charlotte Wealth Advisors are seperate entities from LPL Financial.