MORRISTOWN, N.J., Nov. 10, 2016 /PRNewswire/ -- Private Advisor Group, a 10+B Registered Investment Advisor and LPL Financial's largest enterprise1 announced today that another Ameriprise advisor has joined the ranks. Johnston & Associates, a financial advisory firm located in Canonsburg, PA with over 100M in AUM has partnered with Private Advisor Group to leverage the independent model while gaining the support and services of a large hybrid RIA.
"Private Advisor Group is an excellent fit for us and our clients," said Dana Johnston, principal of Johnston & Associates Private Wealth Advisors. "The relationship gives us the freedom of going independent while providing us with infrastructure support we need- especially in light of the looming Department of Labor rule. At the same time, Private Advisor Group allows us to be part of a community of like-minded advisors, where we get to share ideas and best practices while leveraging the largest broker-dealer in the industry.2"
The other 67 advisors have joined Private Advisor Group from Merrill Lynch, Waddell & Reed, Morgan Stanley, MetLife, Mass Mutual, National Planning Corp and more. RIAs and BDs have also been recruited, changing their business models to simplify operations and outsource compliance.
Charlie Latimer, Director of National Recruiting commented, "This is a continued trend we see as we speak with advisors. They are nervous about the regulatory environment and how they can best serve their clients. Private Advisor Group enables them to access a wider selection of investment solutions, release the burden of compliance, and enjoy the economic benefits of being independent. We are delighted to welcome on board Dana and his team."
About Private Advisor Group
Private Advisor Group (PAG) is a hybrid solution that supports independent financial advisors throughout the U.S., providing superior customer service, in-depth risk management and forward-thinking solutions. Advisors are supported by the industry's largest independent broker-dealer – enabling them to efficiently run their businesses and stay focused on serving their clients' needs. Private Advisor Group is based in Morristown, N.J., and, as reported by PAG, serves more than 600 financial advisors and serves $10B in assets, as of June. 30, 2016. For more information, please visit www.privateadvisorgroup.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 currently serves more than $462 billion in advisory and brokerage assets. 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 40,000 retirement plans with an estimated $115 billion in retirement plan assets, as of September 30, 2015. LPL also supports more than 4,000 financial advisors licensed and affiliated with insurance companies with customized clearing, advisory platforms, and technology solutions. LPL Financial and its affiliates have approximately 3,400 employees with primary offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.
Investment advice offered through Private Advisor Group, a registered investment advisor.
1 Based on revenues 2015
2 Based on revenues and advisor headcount 2015
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SOURCE Private Advisor Group