CHARLOTTE, N.C., Oct. 01, 2015 (GLOBE NEWSWIRE) -- LPL Financial LLC, the nation’s largest independent broker-dealer*, a custodian for registered investment advisors (RIAs), and a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ:LPLA), today announced that Palmetto Investment Consultants, LLC (Palmetto) has joined the LPL Financial broker-dealer platform and will provide fee-based advisory services through Independent Advisor Alliance (IAA), an independent RIA firm that serves financial advisors in the Carolinas on LPL’s hybrid RIA platform. Palmetto reported that, as of July 31, 2015, it had managed more than $135 million of client assets**.
Based in Rock Hill, S.C., Palmetto was co-founded by two industry veterans, John S. Sloop, Jr. who has 19 years of financial services experience, and John A. Black III, who has more than 20 years of financial services experience. The firm also includes three professional relationship managers. Palmetto provides full-service financial services and customized financial planning for individuals and businesses, primarily on a fee basis. The firm’s services include tax management, investment management, retirement strategies, estate conservation, and access to insurance and annuity products. The firm provides objective advice and manages assets in a tactical manner, combining both fundamental and technical research.
“We are excited to join IAA and LPL,” said Sloop. “Particularly, we look forward to being able to take advantage of LPL’s leading-edge technology and research as well as the seamless integration of its unified self-clearing platform.”
“In addition, with IAA headquartered nearby in Charlotte, we look forward to enjoying the personalized service and support that kind of proximity can provide,” said Black. “We are also in the unique position of being just down the road from LPL’s current Charlotte offices and its future Fort Mill, S.C. campus, and we appreciate that we are affiliating with a locally-based firm.”
“Our members choose to affiliate with IAA because they do have a choice,” said Robert Russo, founder and president of IAA. “At IAA, we offer our members the opportunity to run their own independent practice within a forward-thinking culture emphasizing advocacy and shared support. We are especially pleased to welcome the Palmetto Investment Consulting team and are committed to providing them with personalized service and support as they continue to grow their firm.”
“We welcome Palmetto Investment Consultants to LPL, and we are pleased that IAA has added another successful independent Carolina-based firm to its rapidly expanding regional base,” said Steve Pirigyi, executive vice president of business development at LPL Financial. “We look forward to the opportunity to support both firms as they work to serve their clients.”
*Based on total revenues, Financial Planning magazine, June 1996-2015
**Asset numbers were reported by Palmetto Investment Consultants, LLC based on prior business and have not been independently and fully verified by LPL Financial.
About Palmetto Investment Consultants
Palmetto Investment Consultants is a full-service financial firm committed to helping people identify their financial goals and make sound decisions to help reach them. The firm offers a wide range of services to individuals and business owners, including retirement planning, estate planning, insurance planning, investment evaluation and selection, and risk analysis and diversification, among others. Providing objective advice, the firm manages assets in a tactical manner, combining both fundamental and technical research, and seeks to deliver an institutional-quality experience to private retail investors. For more information, visit www.palmettoinvestmentadvisors.com.
About Independent Advisors Alliance
Based in Charlotte, N.C., Independent Advisor Alliance (IAA) is strategically focused on building a community of successful independent advisors serving the financial and retirement needs of individuals and businesses. Through its hybrid RIA model, IAA provides its affiliated advisors with a broad range of customized support services designed to optimize efficiencies, reduce expenses, attract and retain clients, and boost revenue. Founded in 2007, today IAA serves more than 50 independent LPL financial advisors throughout the Carolinas, servicing a total of more than $1.5 billion of retail client assets, and seeks to grow as a destination for independent advisors throughout the Southeast. In addition to its founder and CEO Robert Russo, IAA employs a full-time staff of 13. For more information, visit www.independentadvisoralliance.com.
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 $486 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 14,100 independent financial advisors and more than 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 1996-2015), is one of the fastest growing RIA custodians with $112 billion in retail assets served, and acts as an independent consultant to over an estimated 40,000 retirement plans with an estimated $120 billion in retirement plan assets served, as of June 30, 2015. In addition, LPL Financial supports approximately 4,300 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms, and technology solutions. LPL Financial and its affiliates have 3,385 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 offered through Independent Advisor Alliance, a registered investment advisor.
LPL Financial, Palmetto Investment Consultants and Independent Investment Alliance are separate entities.
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