LPL Nabs Kestra-Aligned Practice with $11B in Retirement-Plan Assets
Strategic Retirement Partners, which has 17 offices around the country, has joined GRP Financial, which is the largest hybrid RIA focused on retirement plans on LPL’s broker-dealer platform, InvestmentNews writes. SPR manages assets for over 700 corporate and non-profit retirement plan providers and previously used Kestra Investment Services as its broker-dealer and Kestra Advisory Services and SRP Advisory Services as its RIA services, according to the publication.
With the recent addition, GRP now has 4,500 clients and around $70 billion in retirement assets, as well as around $4 billion in wealth management assets, InvestmentNews writes.
Over the past two years, LPL has been shedding retirement plan-focused practices, losing the Retirement Benefits Group, which oversaw $10 billion, and Resources Investment Advisors, which managed around $5 billion, InvestmentNews writes. Independent Financial Partners, the hybrid RIA and OSJ that left LPL in April last year, received Finra approval in February to form its own broker-dealer, IFP Securities, as reported.
The SRP deal comes on the heels of several large acquisitions of retirement plan-focused firms just in the past week, InvestmentNews writes.
Captrust Financial Advisors added a team from FiduciaryVest, that manages $13 billion in assets under advisement for more than 50 retirement plans.
Cerity Partners announced in a press release earlier this week that it’s merging with the Blue Prairie Group, which oversees $11 billion. And Marsh & McLenna Agency bought the $16 billion Centurion Group, according to InvestmentNews.
The deals are driven by margin compression among retirement plan advisors, the need for expanded support to deal with growing complexity, and a chance to broaden revenue generation, according to GRP Financial CEO Geoff White, the publication writes.