LPL Financial is welcoming back a prodigal hybrid firm.
Megent Financial, which provides commission- and fee-based investment services to union-sponsored retirement plan participants, has rejoined LPL's broker-dealer platform. The suburban Chicago firm was originally on LPL's broker-dealer platform from 2001 to 2012.
QuoteMegent assists union members with defined-benefit and defined-contribution pension plans as well as in retiree health and welfare benefits.
Megent will conduct its fee-based advisory business through Opus Wealth Management Group, which is on LPL's hybrid RIA platform. Last month Megent reported approximately $450 million of brokerage and advisory assets.
Megent assists union members with defined-benefit and defined-contribution pension plans as well as in retiree health and welfare benefits. Megent's advisers also provide younger workers with financial literacy and financial education to help them prepare for retirement.
The firm is planning to reach out to additional union-sponsored retirement plan participants across the nation through acquisition and adviser recruiting.
"We are very pleased to return to LPL," Eric Burton, managing director and president of Megent Financial, said in a statement. "In the past few years our firm has grown substantially, and we believe that LPL can best support our firm with its size and scale, access to investment and technology platforms and support in recruiting new adviser and advisory firms into our distinct business model."
Craig Kamis, LPL senior vice president who oversees business development of institutional and complex advisory firms, praised Megent’s “unique business model” in a statement and said the firm’s return to LPL was a testament to the independent broker-dealer’s “value in the marketplace.”