CG Advisor Network, a Haslett, Mich.-based registered investment advisor with $3.1 billion in advisory and brokerage assets, has chosen LPL Financial as its primary custodian and exclusive broker-dealer. The firm previously had been with TD Ameritrade and Geneos Wealth Management, according to a news release.
CG Advisor Network was founded in 1998 by CEO Anthony J. Mazzali and a team of advisors pursuing independence, the release noted. The firm has 74 advisors who serve clients nationwide.
CG's decision is a big win for LPL, which has sought to position itself as an alternative custodian to Schwab, Fidelity and Pershing for more than a decade. After Schwab announced it had agreed to acquire TD Ameritrade in 2019, there was disenchantment among some of the more than 5,000 RIAs who were deeply loyal clients of TD's custody.
For its part, Schwab immediately hired Tom Bradley, the popular former head of TD's custodian operation, to help manage the transition. Bradley and other executives at Schwab are widely credited with retaining the business of the vast majority of RIAs affiliated with TD.
CG says it helps independent advisors build their firms with investment solutions, back-office support and resources to be competitive, the company explained.
“We’re constantly striving to build the kind of future-proof platform that helps advisors eliminate back-office, technology, and investment management burdens so they can spend more time where it really matters—growing their business. LPL has a very good understanding of the advisor as a client and will help make us only stronger in this endeavor,” Mazzali said in a statement, adding that the firm will remain with multiple custodians, “with LPL being the primary custodian in our search for the best partner in the custody space.”
Scott Posner, LPL’s executive vice president of business development, said the firm is “honored this highly successful group turned to LPL in their mission to elevate their firm and be a top choice for advisors.”