LPL Financial LLC, the nation's largest independent broker-dealer, has added Weissenburger Investments & Financial Planning to its platform, marking a half-year of continuing expansion, LPL announced Tuesday.
Weissenburger is joining LPL’s broker-dealer and RIA custodial platforms. The firm, named for its principal, Tom Weissenburger, also includes financial advisor David Olberding and four professional support staff and services $220 million in advisory and brokerage client assets.
Based in Clive, Iowa, a suburb of Des Moines, Weissenburger serves private individuals and families across 30 states, with the majority located within Iowa with both fee- and commission-based advisory services.
The announcement comes on the heels of several other significant recruiting wins for LPL this year. The broker-dealer has added Retirement Plan Analytics, Brian Hinson/Bridgeworth Financial, Standard Investment Advisors, Faubourg Private Wealth Advisors, The Center for Wealth Planning and Ellsworth Private Wealth Management to its platform in 2015.
“The ability to scale and achieve meaningful growth in a cost efficient manner is extremely important," said Steve Pirigyi, executive vice president of business development at LPL Financial. "At LPL Financial, we are able to effectively leverage our scale to reinvest in our platform with the intent of expanding upon the resources that are most important and relevant to our customer base.”
LPL’s size is part of the draw, he added. “The progressive nature of LPL’s industry leading platform enables larger groups and small to mid-size advisory practices alike the opportunity to perform both fee and commission based business in a seamless manner, while also maintaining access to the full spectrum of resources and capabilities that advisors are looking for to both grow their practice and meet the needs of their clients on a day-to-day basis,” he said.
LPL Financial serves $485 billion in retail assets. The company provides proprietary technology, clearing and compliance services, practice management programs and training, and independent research to more than 14,000 independent financial advisors and more than 700 banks and credit unions from bases in Boston, Charlotte and San Diego.