$830M RIA Strategic Partners Joins Broker-Dealer LPL Financial

LPL Financial, the nation’s largest independent broker-dealer, announced that Strategic Partners, an $830mn advisory group based in Parsons, Kansas, has joined its broker-dealer, registered investment advisor and custodial platforms through National Financial Alliance.

Strategic Partners joins from Royal Alliance, an affiliate of Advisor Group, where it had about $830 million in advisory, brokerage and retirement plan assets as well as $600 million in fixed life insurance and annuity assets, according to LPL.

Strategic Partners, headed by president and owner Chris Lubbers, includes 18 advisors and 16 client-services support members in nine states.

LPL’s technology was a primary draw for Strategic Partners, according to Lubbers.

“Clients will have easier access to reporting and account information, all in one place to give them a deeper understanding of their financial picture,” he said.

The move will also enable the firm to recruit more advisors.

“We wanted to be somewhere that is committed to the success of its advisors, investing in platforms and resources that will help us grow,” Lubbers added.

LPL Financial supports more than 21,000 financial advisors, 1,100 institution-based investment programs and 500 independent RIA firms across the country.