LPL Financial said its RIA platform, the firm’s custody unit, eclipsed the $25 billion threshold in total assets under custody.
The nation’s largest independent broker-dealer launched the LPL Financial RIA Platform in 2008, offering an integrated fee and commission-based platform for independent advisors.
LPL officials said its assets under custody have now more than tripled from $7.3 billion at the end of 2009 to more than $25 billion this month.
Meanwhile, the number of RIA firms on the platform increased from 92 to 146, while average assets under management per firm grew 94%, from $80 million to $155.5 million.
"Crossing the $25 billion threshold in assets under custody in such a short amount of time is a significant achievement for our RIA Platform,” Derek Bruton, LPL’s managing director and national sales manager, said in a statement. “The numbers clearly demonstrate that we are very effectively competing and winning against all players in the custody space for the most successful RIA firms in the industry today.”