Founder Nate Running Moves His Minnesota-Based Retirement Planning Advisory Firm, Serving $245 Million in Predominantly Fee-Based Client Assets, Back to LPL
FORT MILL, S.C.– Nov. 14, 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 Running Wealth Management Group has joined LPL Financial’s broker/dealer and hybrid registered investment advisor (RIA) custodial platforms. Running Wealth Management reported that, based on prior business, its advisors served approximately $245 million of client brokerage and advisory assets*, as of Oct. 29, 2016.
Established in 1998 by Nate Running CFP®, AIF®, Running Wealth Management includes six advisors and five professional support staff, and operates exclusively as a fee-based advisory, with the exception of servicing a small percentage of commission-based legacy assets. The firm was aligned with LPL from 2001 to 2012, and has returned to leverage LPL’s hybrid RIA custodial platform to support their growth plans.
Running said, “We found LPL to offer the best range of capabilities to support our firm and the needs of our clients in today’s changing regulatory and technological environment. And as we strive to continue to grow our business, we recognized the value of being connected with LPL’s vast network of advisors as we consider compatible practices for acquisition opportunities.”
Craig Kamis, LPL senior vice president of large enterprises and institutional recruiting, said, “We welcome the return of Running Wealth Management to LPL and the opportunity to support the team’s continued growth. They have an acquisition strategy to create scale in their business as a means to be able to thrive in the current environment. At this point in our industry, with an aging advisor population and the pressures of adapting to the new regulatory environment, there is an increased opportunity for firms interested in growth. LPL is positioned to be able to help to facilitate growth opportunities for firms entire advisor network, and look forward to supporting the Running Wealth Management team.”
Based in Minnetonka, Minn., Running Wealth Management serves the retirement planning needs of retirees, employees and small business owners throughout the United States. Using an ensemble team approach, the firm provides customized financial planning that covers a wide range of retirement-related financial needs, including investment management, estate and tax planning, insurance, retirement and financial education for retirement plan employees, and succession planning for business owners.
*Asset numbers were reported by Running Wealth Management 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 served $502 billion in advisory and brokerage assets as of September 30, 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 financial institutions, 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 $129 billion in retirement plan assets, as of September 30, 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 3,200 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.
Investment advice also offered through Strategic Wealth Group, a registered investment advisor. Running Wealth Management and Strategic Wealth Group are separate entities from LPL Financial.