Eric Gallinger Joins LPL Financial, Stratos Wealth to Launch Independent Firm

Rhea-AI Summary

LPL Financial (Nasdaq: LPLA) has welcomed financial advisor Eric Gallinger to its ranks, who joins from Merrill Lynch and is now aligned with Stratos Wealth Partners. Gallinger manages approximately $300 million in advisory and brokerage assets, focusing on wealth preservation strategies for retirees. He sought greater autonomy and innovative capabilities by partnering with LPL. This move allows Gallinger to expand his practice and collaborate closely with influential professionals like attorneys and CPAs. LPL executives expressed enthusiasm for this partnership, highlighting the competitive nature of advisor recruitment.

Positive

• Eric Gallinger joins LPL Financial, managing approximately $300 million in assets.
• Gallinger's move enhances LPL's advisor recruitment efforts and expands its market presence.
• The partnership allows for collaborative growth and innovative client solutions.

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• None.

CHARLOTTE, N.C., Feb. 28, 2023 (GLOBE NEWSWIRE) -- LPL Financial LLC (Nasdaq: LPLA) announced today that financial advisor Eric Gallinger has joined LPL Financial and is aligned with Stratos Wealth Partners, a large RIA aligned with LPL. Gallinger reported having served $300 million in advisory, brokerage and retirement plan assets.* He joins from Merrill Lynch.

Based in Irvine, Gallinger is an experienced wealth management professional who works to preserve client assets by delivering what he calls “real-world strategies” – based on realistic perspectives, BofA Global research and regular tracking of marketplace risk. With many clients retired or planning for it, wealth preservation and distribution strategies are developed with the goal of consistent total-return and income that can keep pace with inflation.

“We have been at this a while. We have seen many investment cycles – ‘tech’ bubbles, oil spikes, real estate booms and busts,” Gallinger said. “We review for excessive risk and opportunities and adjust portfolios at the margins as we seek to preserve principal. We strongly advise against undue risk. We never want the client to have to make the same money twice.”

Gallinger turned to LPL and Stratos in his quest for more freedom and autonomy, as well as enhanced technology and the ability to provide clients with differentiated experiences. “Over the years, I’ve been accustomed to serving clients with some of the best resources available, but as my practice has evolved, I recognized the need for a new partner. By moving to LPL and Stratos, I have the flexibility to serve my clients with innovative capabilities and give them the experiences they deserve,” Gallinger said.

The move also provides Gallinger with greater opportunities to grow his practice through M&A, as well as generate additional revenue by working closely with centers of influences, such as attorneys and CPAs.

Charles Shapiro, Stratos Founding Partner and Chief Development Officer, stated, “It is a very competitive recruiting landscape, especially for high caliber advisors. We are so honored that Eric has chosen to join Stratos Wealth as our newest partner. Irvine has been a terrific market for our company’s growth and we are proud to support Eric in his expansion plans in the marketplace.”

Scott Posner, LPL Executive Vice President, Business Development, stated, “We extend a warm welcome to Eric and are honored he turned to LPL and Stratos in his journey to independence. This is an advisor that was looking for a growth partner who could serve him for the long run. For advisors to have the capacity to reach their business’ full potential, they need a partner committed to their success; one that has the scale, expertise and capital to be able to invest and continuously evolve to meet the relevant needs of their business and clients. And that’s exactly what we do here at LPL. Our singular mission is to support our advisors so they can take care of their clients. We look forward to a long-lasting and productive relationship with Eric.”

Related

Advisors, find an LPL business development representative near you.

About LPL Financial
LPL Financial (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader in the markets we serve**, supporting more than 21,000 financial advisors, including advisors at approximately 1,100 enterprises and at approximately 500 registered investment advisor ("RIA") firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to personalized guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients.

*Value approximated based on asset and holding details provided to LPL from year-end 2022.

**Top RIA custodian (Cerulli Associates, 2020 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S. (Based on total revenues, Financial Planning magazine 1996-2022); among third-party providers of brokerage services to banks and credit unions, No. 1 in AUM Growth from Financial Institutions; No. 1 in Market Share of AUM from Financial Institutions; No. 1 in Market Share of Revenue from Financial Institutions; No. 1 on Financial Institution Market Share; No. 1 on Share of Advisors. (2021-2022 Kehrer Bielan Research & Consulting Annual TPM Report). Fortune 500 as of June 2021.

LPL Financial and its affiliated companies provide financial services only from the United States.

Stratos Wealth Partners is a leading independent, partner owned and operated Registered Investment Advisory (RIA) firm. Founded in 2009, the firm offers operational, strategic and revenue-generating resources, as well as, a reliable infrastructure allowing advisors the flexibility to develop and grow his/her own business. Since its founding, Stratos has grown to 275 independent advisors. Stratos Wealth Partners, Ltd., an SEC Registered Investment Advisor, manages over $9.6 billion in advisory assets, and advises through LPL Financial, over $6.9 billion in brokerage and third party managed assets for a total of $16.5 billion as of December 31, 2022.

Securities and advisory services offered through LPL Financial LLC, an SEC-registered broker-dealer and investment advisor. Member FINRA/SIPC. Stratos Wealth Partners and LPL Financial are separate entities.

All investing involves risk including loss of principal.

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial LLC.

We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

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FAQ

What assets does Eric Gallinger manage at LPL Financial?

Eric Gallinger manages approximately $300 million in advisory and brokerage assets.

Why did Eric Gallinger join LPL Financial?

Gallinger joined LPL for greater freedom, autonomy, and innovative capabilities in serving clients.

What is the significance of Stratos Wealth Partners in relation to LPL Financial?

Stratos Wealth Partners is a large RIA aligned with LPL, providing resources for independent advisors.

When did Eric Gallinger join LPL Financial?

Eric Gallinger officially joined LPL Financial on February 28, 2023.