Chicago-Area Financial Advisory Firm Serving Union-Sponsored Retirement Plans Returns to LPL to Maximize Expansion Opportunities
CHARLOTTE, N.C. – May 17, 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 Megent Financial (Megent), an independent financial advisory firm, has rejoined LPL’s broker-dealer platform. The firm was originally on LPL’s broker-dealer platform from 2001 to 2012. Megent provides commission- and fee-based investment services to union-sponsored retirement plan participants. Megent will conduct its fee-based advisory business through the registered investment advisor (RIA) of Opus Wealth Management Group, which is on LPL’s hybrid RIA platform. Megent reported that, based on prior business, its advisors served approximately $450 million of brokerage and advisory assets, as of April 7, 2016 *.
Based in Orland Park, Ill., Megent is made up of nine financial advisors and 10 professional support staff members who serve the greater Chicago area. They primarily work with a retail client base comprised of men and women working in organized labor unions as well as their families. Its advisors help clients navigate through all phases of their financial life, providing services in defined-benefit and defined-contribution pension plans as well as in retiree health and welfare benefits. Megent’s advisors also provide younger workers with financial literacy and financial education to help them prepare for retirement. Implementing an investment philosophy emphasizing asset allocation, the firm’s advisors utilize a range of professionally managed investment vehicles, including mutual funds, ETFs and annuities, to help clients work toward their investment and retirement needs. Megent is seeking to expand its reach to additional union-sponsored retirement plan participants across the nation through acquisition and advisor recruiting.
“We are very pleased to return to LPL,” said Eric P. Burton, managing director and president of Megent Financial. “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, access to investment and technology platforms and support in recruiting new advisor and advisory firms into our distinct business model.”
“It is a testament to LPL’s value in the marketplace that a large organization such as Megent Financial would return to our platform,” said Craig Kamis, LPL senior vice president, overseeing business development of institutional and complex advisory firms. “They operate a unique business model and we believe that our support and resources can enable them to deliver the service and investment advice that will help their clients throughout their financial lives.”
*Asset numbers were reported by Megent Financial, based on prior business and have not been independently and fully verified by LPL Financial.
About Megent Financial
Based in Orland Park, Ill., Megent Financial is an independent retirement and financial services firm whose industry roots date back to 1918. Serving the men and women working in organized labor, Megent provides financial advice and recommendations personalized to its clients’ needs. Megent brings experience in defined-benefit and defined-contribution pension plans as well as in retiree health and welfare benefits. The firm’s knowledge and experience enables it to properly, effectively and holistically navigate its clients through all phases of their financial lives. Megent has nine financial advisors and 10 professional support staff, and serves approximately $450 million of brokerage and advisory assets, as of April 7, 2016*. For more information, visit www.megent.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 $479 billion in advisory and brokerage assets as of March 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 1996-2015). 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 service an estimated 45,000 retirement plans with an estimated $121 billion in retirement plan assets, as of March 31, 2016. LPL also supports more than 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
Megent Financial offers investment advice through Opus Wealth Partners, LLC, a registered investment advisor. Opus Wealth Partners and Megent Financial are separate entities from LPL Financial.
LPL Financial Media Contact