CHARLOTTE, N.C. – May 9, 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 The Choice Group Wealth Management has joined LPL’s broker/dealer and hybrid registered investment advisor (RIA) platforms. The Choice Group Wealth Management reported that, based on prior business*, the firm served approximately $420 million of client brokerage and advisory assets, as of April 28.
Based in Melville, N.Y., The Choice Group Wealth Management is comprised of four advisors: Ira Katz, Daniel McNicholas, John Scala and Bryce Wilinski. The firm specializes in serving clients nearing or in retirement with a focus on financial planning, including retirement planning, cash flow analysis and estate planning services.
Katz, managing director of The Choice Group Wealth Management, said, “We want to demonstrate the value of the independent model to advisors and clients by offering a high-quality, full-service solution in the Long Island area. By aligning with LPL’s platform, we are able to have robust choice in serving our clients’ needs and can do so with the service experience they have come to expect. In addition, we feel we are well positioned to grow our firm by appealing to like-minded advisors seeking control of their business and a compensation structure that can support their growth.
“An impetus for our move was the impending Department of Labor changes. We wanted to be proactive and align with a platform that we felt gave us access to more products and greater flexibility so we can act as a fiduciary and serve our clients’ best interests. LPL was the right partner because we have been able to evolve our offering while continuing to operate as a boutique wealth management firm.”
“We welcome The Choice Group Wealth Management to LPL,” said Craig Kamis, LPL executive vice president, Business Development. “Regulatory changes are forcing many advisors and firms to consider if they have the right partner to support them for the long term. Ira and his team have clear growth goals and we are proud they recognized the value that LPL’s independent platform can deliver to support those goals. By aligning with our firm, they have access to new product lines and revenue channels and the ability to tailor a business model to suit their unique needs. We look forward to supporting the team for years to come.”
*Asset numbers were reported by The Choice Group Wealth Management based on prior business and have not been independently and fully verified by 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 $530 billion in brokerage and advisory assets as of March 31, 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. The Choice Group Wealth Management and LPL Financial are separate entities.