CHARLOTTE, N.C. – June 13, 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 Cleveland-based firm Black Box Pension Advocates has joined LPL’s broker/dealer platform and aligned with Global Retirement Partners (GRP), a retirement plan firm on LPL’s hybrid RIA platform. Black Box Pension Advocates reported that, based on prior business*, the firm served approximately $471 million of client brokerage and advisory assets, as of April 3.
“The retirement plan industry is undergoing significant changes that directly impact the way we do business,” said Thomas Herbruck, retirement plan consultant and founder, Black Box Pension Advocates. “It was important that our clients have confidence in knowing their broker-dealer is committed to the qualified plan space and is focused on serving investors’ best interests. After an exhaustive research process, we chose to align with LPL because it has the scale to invest in the people and technology that can support our business through these changes and enable future growth. In addition, we found LPL to have the most robust client-facing tools and resources to serve our clients.”
“Tom was searching for a partner and a network of advisors that shared the same passion for providing objective retirement advice to clients,” said Geoff White, Global Retirement Partners managing partner. “GRP and LPL are strategically positioned to be able to support Tom and his team with specialized resources and expertise to serve retirement plans and help clients work toward better outcomes.”
“We welcome Tom and the Black Box team to LPL,” said Steve Pirigyi, LPL executive vice president, Business Development. “Since their business model focuses on serving retirement plans, their main concern was being able to act as a fiduciary to address the needs of the clients in this evolving regulatory environment, and to be able to do so in a scalable manner. LPL is able to provide a platform for stability and growth and the expertise to support this specialized market. We look forward to supporting this team as they help more Americans work toward improving their retirement readiness.”
Black Box Pension Advocates is focused on creating effective retirement plans for employers and individuals. Black Box is comprised of Herbruck and three support team members who operate a highly personalized service model.
*Asset numbers were reported by Black Box Pension Advocates 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.
Investment advice also offered through Global Retirement Partners, a registered investment advisor. Global Retirement Partners is a separate entity from LPL Financial.