LPL Financial Announces Transition Of Center For Wealth Planning To Its Hybrid RIA Platform
SAN DIEGO, March 31, 2015 /PRNewswire/ -- LPL Financial LLC, the nation's largest independent broker-dealer,* a leading RIA custodian and a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), today announced that the Center for Wealth Planning, Inc. ("CWP"), a large enterprise and a nationwide network of independent advisors, has joined LPL Financial's RIA custodial platform. The choice was made to enable CWP, which has utilized LPL's corporate RIA and broker-dealer platforms since its inception in 2005, to further enhance its operating flexibility and facilitate the continued growth of its financial advisors. CWP intends to provide even more options to its advisors to operate and grow their businesses, while still being able to take advantage of a single, fully integrated platform that will support all of the business models CWP will offer advisors.
Based in Troy, Mich., CWP serves 65 independent financial advisors nationwide that collectively serve approximately $2 billion in brokerage and advisory client assets, as of Feb. 28, 2015. The firm, which is managed by experienced, practicing financial advisors, specializes in helping independent advisors who have built a critical mass of client assets – typically ranging from $50 million to $100 million – to expand their businesses through strategic business coaching. CWP supports advisors with a combination of practice management, compliance, client service and business process expertise.
Joseph Ruzycki, founder and CEO of the Center for Wealth Planning, said, "After considering a number of avenues to support our continued growth in the coming years, LPL Financial's independent RIA platform emerged as a clear choice for providing our advisors with the tools and flexibility they need to continue to build their practices in the years ahead. By giving our advisors the option to work through our own RIA – Center for Wealth Planning Advisors, Inc. – or to continue to affiliate with LPL Financial's corporate RIA, we now have the flexibility to offer multiple advisory business models and allow each of our advisors to run their businesses and pursue their goals as they see fit."
LPL's independent RIA platform is unique within the industry as it provides an integrated platform for fee- and commission-based business. LPL unlocks value for affiliated advisors and networks by providing them an array of business models to choose from. Financial advisors can register with LPL's broker-dealer, its corporate RIA or establish their own RIA and join LPL's RIA custody platforms – all on a fully integrated platform. Launched in 2008, LPL's RIA offering has grown rapidly, and total assets served by the platform are $90.8 billion, as of Dec. 31, 2014.
Matthew Enyedi, LPL executive vice president for RIA and high net worth solutions, said, "We are pleased that the Center for Wealth Planning has chosen to join our RIA custody platform. CWP's decision to evolve their relationship with us is a testament to LPL's ability to serve a broad range of advisors and advisor group needs through our integrated services and solutions. With LPL, our advisors have the advantage of working with us as a single go-to resource as their businesses grow and evolve. We have been privileged to work with CWP over the past 10 years as their broker-dealer, and we look forward to continuing to support them as they grow through our RIA custody platform."
*Based on total revenues, Financial Planning magazine, June 1996-2014
About LPL Financial
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), is a leader in the financial advice market and serves $475 billion in retail assets. 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. LPL Financial is the nation's largest independent broker-dealer since 1996 (based on total revenues, Financial Planning magazine, June 1996-2014), is one of the fastest growing RIA custodians with $91 billion in retail assets served, as of Dec. 31, 2014, and acts as an independent consultant to over an estimated 40,000 retirement plans with an estimated $115 billion in retirement plan assets served. In addition, LPL Financial supports approximately 4,400 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms, and technology solutions. LPL Financial and its affiliates have 3,384 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
About Center for Wealth Planning
Center For Wealth Planning, Inc. [CWP] was founded in 2005 and is located in Troy, Mich. CWP focuses on two related channels: Financial Advisor support and retail client investment management. Working with like-minded independent advisors, CWP provides scale, resources, advocacy, risk management and compliance consulting to their individual practices. Additionally, through experience in the retail client practice, CWP provides application and coaching to our Advisor clients of industry best practices in investment management, technology, small business planning, marketing and compliance.
CWP is a full-service firm committed to helping clients set a course for your financial goals and guiding you toward financial independence. "No single strategy works for everyone. You deserve a plan for your financial future that is personalized and customized to help you with strategies that seek to grow and preserve your wealth." –Joseph Ruzycki, CFP®, Principal
The Center For Wealth Planning, Inc. works with over 60 advisors in 20 branch offices collectively managing $2 billion in client investment assets, with the goal to be a trusted advisor and business partner to practitioners looking to grow and thrive in the decades to come.
Investment advisory services offered through the Center for Wealth Planning, Inc., a registered investment advisor, and a separate entity from LPL Financial.
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