LaSalle St., a family of wealth management firms, today announced that Retirement Planning Specialists, a Philadelphia-area investment advisory practice with $200 million in client assets, is joining its corporate registered investment advisor platform, LaSalle St. Investment Advisors, according to a news release.
Founded by CEO Joe Sarappo in 2011, the Willow Grove, Pa.-based Retirement Planning Specialists focuses on helping individual investors and families save for retirement, as well as providing estate, tax and life insurance planning services, the release said. Sarappo’s fellow investment advisors, Christopher Sacco, James Cuorato and Kyle Jennings will join him at LaSalle St.
Sarappo, a 33-year-veteran of the industry, previously ran the practice in 2011 as an independent SEC-registered RIA, the release said, noting that as part of the transition, Retirement Planning Specialists has withdrawn its SEC registration, but will maintain its brand and independence. The release further noted that Fidelity will continue to custody the firm’s clients accounts through LaSalle St.’s existing relationship with that firm. Also, the firm has a small amount of brokerage accounts, which will be serviced by LaSalle St.’s broker-dealer platform.
Sarappo said since starting the firm, his focus has been on building trust with his clients and helping them live the lives they aspire to in retirement. “Over the years, however, as the economic and regulatory dynamics around operating an RIA have grown more complex, I have found myself devoting more hours in the day to running the business, rather than serving our clients,” he said in a statement.
He added that the scale and resources offered by LaSalle St. and LaSalle St. Investment Advisors will significantly lessen their administrative duties and allow the team to enhance its client focus again. “Moreover, the LaSalle St. team is committed to collaborating closely with us to further elevate the client experience we offer and accelerate our growth trajectory. We could not be more excited to join the team.”
Prior to his affiliation with Retirement Planning Specialists, Sarappo, according to his BrokerCheck profile, was with APW Capital from July 2012 to May 2021. Prior to that, he spent seven years with Securities America and 14 years with MML Investors Services. He began his career at NML Equity Services in 1988.
Mark Contey, LaSalle St.’s chief business development officer, said, LaSalle St. is “truly gratified” that Sarappo, Sacco, Cuorato and Jennings have joined their RIA platform. “Our team has considerable expertise in helping firms that previously operated their own RIAs or even broker-dealers to streamline their operations and get back to what they love about the business: Serving clients. As part of the LaSalle St. platform, Retirement Planning Specialists now has access to resources, technologies and platforms that will enable them to scale up their efficiency and focus on adding even greater value for their clients. We look forward to working shoulder-to-shoulder with Joe and his team for years to come.”
Chicago-based LaSalle St. comprises LaSalle St. Securities, an independent broker-dealer; LaSalle St. Investment Advisors, a SEC-registered investment adviser; and LaSalle St. Insurance Services, a provider of annuity and insurance products. Founded in 1974, the firm supports more than 300 financial advisors, and has more than $12 billion in total client assets, and is registered in all 50 states.