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LPL Monetary has taken a 20% possession stake in Unbiased Advisor Alliance, marking LPL’s fourth such minority funding.
Based in 2013 in Charlotte, North Carolina, IAA payments itself as a hybrid agency “strategically targeted on empowering monetary advisors to succeed as impartial enterprise house owners.” The agency has about $17 billion in property below advisement throughout some 226 partnering companies.
As Robert Russo, IAA’s founder and CEO, instructed ThinkAdvisor this week, LPL’s funding will assist IAA as it really works to advance its companies and instruments and create an “much more supportive ecosystem” for its community of monetary advisors.
This contains IAA’s partnership program, Russo defined, the place it invests capital in accomplice companies to make sure that they’ve the assets wanted for sustainable progress and success.
Russo emphasised that IAA will preserve management and possession of its administration and operations, making certain continuity and stability for its staff and its current companions and advisors. He mentioned IAA thought-about a number of choices earlier than deciding on LPL, with a key criterion being an investor who shares a longstanding dedication to fostering innovation and enhancing companies for monetary advisors.
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