LPL Financial Welcomes Academy Financial and PFG Advisors

Rhea-AI Summary

LPL Financial (Nasdaq: LPLA) announced that over 30 financial advisors from Academy Financial and PFG Advisors have joined LPL's platforms, bringing approximately $4 billion in assets. The advisors, previously with Lincoln Financial, will merge under the Academy brand. Academy Financial, founded in 1992 by Harry Horn, and PFG Advisors, led by Tyler McCraw and Steve Morris, specialize in wealth creation, preservation, and comprehensive financial planning.

The move to LPL was motivated by enhanced operational capabilities, advanced tools, and LPL's robust infrastructure. Brent J. Kvech of Academy Financial emphasized that the transition was made to benefit clients, aligning with their mission to 'serve first, serve last and serve always.' LPL Executive VP Scott Posner welcomed the firms, highlighting LPL's commitment to empowering advisors with innovative technology and resources.

Positive

• LPL Financial gained over 30 financial advisors from Academy Financial and PFG Advisors
• The newly acquired advisors bring approximately $4 billion in assets to LPL Financial
• The merger under the Academy brand could lead to synergies and expanded client services
• LPL's enhanced operational capabilities and advanced tools may improve advisor efficiency

Negative

• None.

SAN DIEGO, Aug. 21, 2024 (GLOBE NEWSWIRE) -- LPL Financial LLC (Nasdaq: LPLA) announced today that over 30 financial advisors with Academy Financial, Inc., and PFG Advisors have joined LPL Financial’s broker-dealer, RIA and custodial platforms. Collectively, they reported serving approximately $4 billion in advisory, brokerage and retirement plan assets* and join LPL from Lincoln Financial, now part of Osaic.

Headquartered in Lutherville, Md., Academy Financial was founded in 1992 by U.S. Military Academy graduate Harry Horn, CLU®, ChFC®, CRPC®, who built a client-centric firm based on the principles of integrity, professionalism and service. Since then, Academy has grown into a full-service, multidisciplinary financial planning firm that specializes in developing innovative wealth creation and preservation strategies. It’s now led by partners Brent J. Kvech, AWMA®, T. Joseph Barger, CRPC®, CLTC®, Michael T. Leonard, ChFC®, CRPC®, and Michael C. McFeeley, CFP®, MSFS, CRPC®, CBEC®, a former Maritime officer and United States Merchant Marine Academy grad. Horn continues to serve as a consultant and partner emeritus.

Based in Berwyn, Pa., PFG Advisors is led by Tyler McCraw, CFP®, and Steve Morris, ChFC®, CRPC®, CBEC®. PFG Advisors focuses on comprehensive financial planning with specializations in business succession planning, estate planning and corporate retirement strategies.

With the move to LPL, the two firms will merge and operate under the Academy brand umbrella. Together, they are unifying their shared commitment to building and preserving wealth for families, executives and business owners.

“We’re honored to have PFG Advisors join us as we continue to grow our firm and build meaningful relationships with clients,” Kvech said. “The PFG team shares our serve-first approach, and we look forward to collaborating on behalf of clients for the sole purpose of helping them work toward their financial goals with their best interests in mind.”

The teams turned to LPL for enhanced operational capabilities and access to advanced tools to help them efficiently manage client portfolios and concentrate on delivering personalized financial advice.

“LPL is in the business of supporting our business,” Kvech said. “We felt the stability of LPL — a Fortune 400 company with a large infrastructure, economies of scale and robust technology — would enable us to operate independently and focus solely on taking care of our clients. Ultimately, this move was made for the benefit of our clients and is part of our longtime mission to ‘serve first, serve last and serve always.’ We believe if you take care of clients and offer the best possible environment and services, everything will work out.”

Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome Academy Financial and PFG Advisors to LPL. At LPL, our vision is to be the best wealth management firm to help advisors maximize their success. We do that by providing innovative technology, tools, resources and a flexible operating environment that empowers advisors to deliver great advice and run thriving businesses. We look forward to supporting Academy Financial and PFG Advisors as they combine efforts and advance their practices to the next level.”

Related

Advisors, find your perfect fit at LPL.

About LPL Financial
LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that LPL should work for advisors and institutions, and not the other way around. Today, LPL is a leader in the markets we serve, serving nearly 23,000 financial advisors, including advisors at approximately 1,100 institutions and at approximately 570 registered investment advisor ("RIA") firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial professional. At LPL, independence means that advisors and institution leaders have the freedom they deserve to choose the business model, services and technology resources that allow them to run a thriving business. They have the flexibility to do business their way. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors and institutions, so they can take care of their clients.

Securities and Advisory services offered through LPL Financial LLC ("LPL Financial"), a registered investment advisor. Member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States. Academy Financial, PFG Advisors and LPL Financial are separate entities.

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.

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

*Value approximated based on asset and holding details provided to LPL from end of year, 2023.

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FAQ

How much in assets did Academy Financial and PFG Advisors bring to LPL Financial (LPLA)?

Academy Financial and PFG Advisors brought approximately $4 billion in advisory, brokerage, and retirement plan assets to LPL Financial.

When did Academy Financial and PFG Advisors join LPL Financial (LPLA)?

The announcement of Academy Financial and PFG Advisors joining LPL Financial was made on August 21, 2024.

What was the previous affiliation of Academy Financial and PFG Advisors before joining LPL Financial (LPLA)?

Before joining LPL Financial, Academy Financial and PFG Advisors were affiliated with Lincoln Financial, which is now part of Osaic.

How many financial advisors from Academy Financial and PFG Advisors joined LPL Financial (LPLA)?

Over 30 financial advisors from Academy Financial and PFG Advisors joined LPL Financial's broker-dealer, RIA, and custodial platforms.