LPL Financial, the nations largest independent broker-dealer, has reached $50 billion in total RIA assets under custody, doubling its year-ago total.
The $50 billion milestone caps five years of remarkable growth for our RIA custody business, Derek Bruton, managing director for LPL Financial, said in a statement. We made a calculated decision to focus on this area back in 2008, based on the anticipated success of the then-new hybrid RIA model, which enables both fee and commission-based revenue opportunities for advisors who operate under their own RIA firm. Our recruitment efforts have been wildly successful, as the number of RIA firms on our platform, and their ability to attract assets, has exploded. We have become the destination of choice for the most successful and sophisticated RIA firms in the industry.
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