LPL Takes Minority Stake in Hybrid RIA Independent Advisor Alliance 

LPL Financial, an independent broker-dealer, has acquired a minority stake in Independent Advisor Alliance (IAA), a hybrid registered investment advisory firm that assists financial advisors with their businesses. 

LPL’s 20% stake in the firm extends their previous relationship, as IAA is part of LPL’s RIA platform, Charlotte Business Journal wrote. Founded in 2013, Charlotte, NC-based IAA has 226 financial advisors overseeing roughly $16.8 billion in client assets under management. 

IAA will continue to maintain complete control and ownership of its management and operations. LPL’s investment will help IAA develop its offerings and capabilities, creating an even more supportive ecosystem for its network of financial advisors. 

“Ultimately, it came down to what was in the best interest of our advisors. It’s a win-win for advisors when their RIA and broker dealer are aligned,” said Robert Russo, CEO and founder of IAA. “Our partner firms know we’re in it for the long haul. They have clarity and security in their future, combined with the best support and services in the industry.”  

LPL has been busy expanding its advisor ranks, finishing September with 6% more advisors than the previous year, thanks in large part to the recruitment of advisors from Bank of the West and Commerce Bank, as well as Prudential’s wealth management unit, according to CFO Matt Audette in October.