SAN DIEGO and NEW YORK, Feb. 8, 2012 /PRNewswire/ -- LPL Investment Holdings Inc. (NASDAQ: LPLA) (the "Company"), parent company of independent broker-dealer LPL Financial LLC ("LPL Financial"), and AXA Advisors, LLC announced the extension of their custody and clearing agreement effective immediately. LPL Financial will continue providing advisory, brokerage, clearing and custody services to AXA Advisors and its financial professionals.
"We are delighted AXA Advisors has decided to extend their clearing relationship with our firm," said David Akellian, EVP and Head of Custom Clearing Services for LPL Financial. "Since deciding to use LPL five years ago, our two organizations have worked in partnership to grow the AXA Advisors investment business. Today, AXA Advisors is recognized as one of the top broker dealers in our industry. We are pleased to have contributed to their success by providing access to our investment and advisory platforms and our technology and tools. We look forward to continuing to build on an already great partnership."
"AXA Advisors' broker dealer platform is a critical component of our retail distribution business," said Christine Nigro, President of AXA Advisors. "Our focus is on meeting the current and evolving needs of our clients – financial professionals and the customers that they serve. This renewal is a natural extension of our ongoing efforts to provide clients with an innovative and robust investment platform."
About AXA Advisors
AXA Advisors, LLC is a leading provider of financial services for individuals and businesses, working with clients to help them define and work toward their financial goals. More than 5,000 AXA Advisors financial professionals practice in 145 offices in communities throughout the United States. AXA Advisors financial professionals have open access to a robust menu of proprietary and third-party life insurance, annuity and investment products allowing them to thoroughly customize clients' portfolios. AXA Advisors is the retail distribution channel of AXA Financial, Inc., a member of AXA Group, a worldwide leader in financial protection strategies and wealth management. "AXA Group" refers to AXA, a French holding company for an international group of insurance and financial services companies together with its direct and indirect consolidated subsidiaries. Securities are offered through AXA Advisors, LLC, member FINRA/SIPC. Life insurance and annuity products are distributed through AXA Network and its subsidiaries. For more information, visit www.axa-equitable.com.
About LPL Financial
LPL Financial, a wholly owned subsidiary of LPL Investment Holdings Inc. (NASDAQ: LPLA), is the nation's largest independent broker-dealer (based on total revenues, Financial Planning magazine, June 1996-2011), a top RIA custodian, and a leading independent consultant to retirement plans. LPL Financial offers proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to approximately 12,800 financial advisors and approximately 730 financial institutions nationwide. In addition, LPL Financial supports over 4,000 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms, and technology solutions. LPL Financial and its affiliates have approximately 2,700 employees with headquarters in Boston, Charlotte, and San Diego. For more information, visit www.lpl.com.
SOURCE LPL Investment Holdings Inc.; AXA Advisors, LLC