CHARLOTTE, N.C. – Oct. 7, 2020 – LPL Financial LLC, a leading retail investment advisory firm, registered investment advisor (RIA) custodian and independent broker-dealer, announced that the wealth management division located at GreenState Credit Union has joined the Institution Services platform at LPL Financial. They will also be aligned with Financial Resources Group Investment Services to assist with client service and growth. GreenState Wealth Management’s advisors served approximately $350 million in brokerage, advisory and retirement plan assets*. Five of Greenstate Wealth Management’s financial advisors were previously affiliated with Cambridge Investment Research, and a sixth advisor joins from Royal Alliance, part of the Advisor Group network of broker-dealers.
Established in 1938, GreenState Credit Union is Iowa's largest financial cooperative serving more than 230,000 members with approximately $7 billion in assets. Membership is open to anyone living or working in Iowa. The new partnership with Financial Resources Group and LPL Financial will provide GreenState Wealth Management access to thousands of investment products, allowing them to tailor strategies specific to each person's needs.
GreenState Wealth Management’s move to LPL
“We chose the LPL platform given its innovative technology, dedication to advisor service, and client-first approach,” said Jeff Disterhoft, GreenState president and CEO. “The Financial Resources Group partnership enhances the value LPL provides and creates a win-win for GreenState Wealth Managment and the members we serve. Over their 10-year track record, the talent they have been able to attract is impressive. We look forward to a long and mutually-beneficial partnership.”
Mark Stieve, partner and director of Business Consulting and Development at Financial Resources Group, stated, “As we celebrate our 10th anniversary, we are excited to bring on GreenState Credit Union. Partnering with an organization that shares our passion for client service and growth is truly exciting. With similar vision and values, we look to create one of the premier investment programs in the industry.”
Rich Steinmeier, LPL Financial managing director and divisional president, Business Development, said, “We welcome GreenState Credit Union’s investment program to the LPL Institution Services platform and congratulate Financial Resource Group for its continued growth. Institution-based investment programs have unique needs and opportunities, and LPL’s Institution Services model is designed to provide a differentiated experience for this segment of financial professionals and their clients. We are a partner with scale that is committed to investing in integrated technology and robust resources designed to help advisors and institutional partners enhance their business and win in the marketplace. We look forward to a long-lasting relationship with the investment program located at GreenState Credit Union as we help them grow, recruit advisors and serve the needs of its 230,000 members.”
Advisors, find an LPL business development representative near you.
About LPL Financial
LPL Financial is a leader in the retail financial advice market and the nation’s largest independent broker-dealer**. We serve independent financial advisors, professionals, and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow thriving practices. LPL enables them to provide objective guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions.
LPL Financial Institution Services
LPL Financial is the nation’s leading provider of third-party investment services to financial institutions, offering insurance and investment services to approximately 800 banks and credit unions nationwide***. LPL provides resources, high-touch service, consulting and technology solutions to support bank and credit union wealth management programs.
About Financial Resources Group
Financial Resources Group is based in Fort Mill, SC and provides customized services to financial advisors to help them grow their programs and practices that include, but are not limited to business development, onboarding, marketing support, and technology. Representatives are registered through LPL Financial as their broker-dealer. Today, Financial Resources Group supports over 85 financial institutions and over 1,000 financial professionals nationwide with more than $24 billion in brokerage and advisory assets and over $141 million in revenue. For more information on Financial Resources Group, visit financialresourcesgroup.net.
*Based on prior business and represents assets that would have been custodied at LPL Financial, rather than third-party custodians. Reported assets and client numbers have not been independently and fully verified by LPL Financial.
**Based on total revenues, Financial Planning magazine June 1996-2020
*** 2018/2019 Kehrer Bielan TPM Survey. Based on Financial Institution Market Share
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. GreenState Credit Union and GreenState Wealth Management are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using GreenState Wealth Management, and may also be employees of GreenState Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of GreenState Credit Union or GreenState Wealth Management. Securities and insurance offered through LPL or its affiliates are:
- Not Insured by NCUA or Any Other Government Agency
- Not Credit Union Guaranteed
- Not Credit Union Deposits or Obligations
- May Lose Value
GreenState Credit Union, Green State Wealth Management, Financial Resources Group and LPL Financial are separate entities.