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.”

 

 

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access