LPL Financial LLC has attracted a firm with $2 billion in assets and 63 investment advisors into its network.

Advantage Financial Group, based in Cedar Rapids, Iowa, is affiliating with the independent broker-dealer and moving its advisors on to LPL's broker-dealer's platform. LPL Financial's registered investment advisory platform also will become the primary custodian for AFG's sister company and RIA firm Advantage Investment Management. AFG previously was affiliated with National Financial Planning Corp.

AFG is a partnership owned by its advisor members, who share an equity interest in the company. AFG provides professional services to its members, who primarily operate in the Midwest, Great Lakes and Southeast regions. It generated trailing 12-month revenues of $11.2 million.

"These are top-quality highly respected financial advisors in their local communities. We're delighted that we'll be serving AFG as their broker-dealer and as a custodian for their sister company Advantage Investment Management," said Bill Morrissey, LPL's executive vice president of business development.

Advantage Investment Management will continue to provide fee-based solutions to the advisor members of the AFG producer group. Meanwhile LPL Financial will provide AFG marketing, technology, succession planning and practice management services. AFG will continue to expand under its existing brands, officials said.

AFG's chairman and founder Joe Russo said two years ago the company hired Conshohocken, Pa.-based consulting firm Gladstone to locate a partner to help it move forward in a more heavily regulated environment and to help provide succession strategies.

Russo said AFG needed an answer to how it would be able to "accommodate the needs of growth; just the critical mass necessary to prosper in this shrinking (profit) margin business," he said.

-Jim McConville