The Clements Group, a Durango, Colo.-based registered investment advisor, announced it has rebranded itself as Legacy Financial Advisors and joined San Diego-based LPL Finacial's broker-dealer, RIA and custodial platforms, aligned with JFC Advisor Network.
The firm, which has more than $120 million in assets under management, was formerly called the Clements Group, which was founded as a solo practice in 1981 by James Clements, who has since retired. The firm is now led by his son, Bill Clements.
“The Legacy name is about honoring the legacy of my father while also protecting the legacy of our clients,” he said.
Legacy had been part of the Lincoln, Neb.-based JFC Advisor Network until early 2020, when JFC joined LPL, according to a press release.
“It is with great pride that we welcome the return of Legacy Advisors to JFC Advisor Network,” Jack Connealy, president of JFC Advisor Network, said in a statement. “Their partnership with JFC and LPL provides the opportunity for success, and we are honored that they recognize the value which JFC delivers to their business and the crucial role partnering with a strong broker-dealer such as LPL plays in driving growth.”
Clements said joining LPL and JFC will help Legacy Advisors achieve the scale it needs to grow its business, with access to more than 18,000 reps within the LPL network.
Also, using LPL’s direct custodian, Legacy Advisors can save its clients about $150 per year on custodian trade and account level costs and provide better technology, he said
“I believe that for the independent advisor to compete, we need to have apps that look [good] or an app where a client can actually view their accounts and eventually if they want to even trade a stock,” Clements said. “I think LPL was a huge leap forward for us and our clients in that regard.”
Legacy Advisors was with La Vista, Neb.-based Securities America, which is associated with the Advisor Group network of broker-dealers, before moving to LPL. Clements said the need for improved technology and back-office support helped motivate the decision to change broker-dealers.
“We chose this opportunity to rebrand and acknowledge the partnership that we have with this more complete, full-service team,” Bill Clements said. “We have evolved to a diverse group of financial coaches who work hard to help elevate our clients by providing personalized financial planning and investment services.”