LPL Monetary has taken a 20% possession stake in Unbiased Advisor Alliance, marking LPL’s fourth such minority funding.
Based in 2013 in Charlotte, North Carolina, IAA payments itself as a hybrid agency “strategically targeted on empowering monetary advisors to succeed as unbiased enterprise homeowners.” The agency has about $17 billion in belongings beneath advisement throughout some 226 partnering corporations.
As Robert Russo, IAA’s founder and CEO, advised ThinkAdvisor this week, LPL’s funding will help IAA as it really works to advance its providers and instruments and create an “much more supportive ecosystem” for its community of economic advisors.
This consists of IAA’s partnership program, Russo defined, the place it invests capital in companion corporations to make sure that they’ve the assets wanted for sustainable development and success.
Russo emphasised that IAA will keep management and possession of its administration and operations, guaranteeing continuity and stability for its staff and its present companions and advisors. He stated IAA thought of a number of choices earlier than deciding on LPL, with a key criterion being an investor who shares a longstanding dedication to fostering innovation and enhancing providers for monetary advisors.