South Burlington, Vt.-based Flood Financial Services has joined LPL Financial, the independent broker-dealer announced in June.
LPL Financial, the largest IBD in the U.S., had over 16,000 financial advisors and $648 billion in advisory and brokerage assets, as of March 31.
Flood Financial Services, previously managing $330 million, joins LPL’s broker-dealer and registered investment advisor platform.
“Our team wanted to join [LPL] to be able to take advantage of their scale and stability,” said Richard Flood, a partner at Flood Financial Services. “In addition, we were impressed by LPL’s specialized team that supports succession planning and acquisitions, and we are looking forward to leveraging their expertise to grow our business in the future.”
LPL also announced in June that it has more than $35 billion in centrally managed assets, as of March 31, due to its advisory platforms that outsource investment management activities such as Model Wealth Portfolios, Optimum Market Portfolios and Personal Wealth Portfolios.