LPL Financial Welcomes First Citizens Investment Center

Rhea-AI Summary

LPL Financial LLC announced that First Citizens Investment Center has joined LPL’s Institution Services platform, reporting approximately $235 million in brokerage, advisory, and retirement plan assets. Previously affiliated with Cetera Investment Services, First Citizens aims to enhance client experiences through LPL's innovative technology and resources. The investment center, part of First Citizens Bank, is focused on providing wealth management services to the community. LPL Financial continues to support financial advisors with access to a robust platform and strategic support to drive growth.

Positive

• First Citizens Investment Center brings $235 million in assets to LPL's platform.
• Access to innovative technology and resources for enhanced client experiences.
• Partnership expected to drive future growth and diversify service offerings.

Negative

• None.

CHARLOTTE, N.C., Nov. 18, 2021 (GLOBE NEWSWIRE) -- LPL Financial LLC today announced that First Citizens Investment Center located at First Citizens Bank has joined LPL’s Institution Services platform. The program’s financial professionals reported having served approximately $235 million in brokerage, advisory and retirement plan assets*. They were previously affiliated with Cetera Investment Services.

Headquartered in Mason City, Iowa, First Citizens Bank is a family-owned, community bank with seven branches in Iowa and one in Minnesota, serving more than $1 billion in assets. The investment center is designed to provide high quality wealth management and brokerage services for bank clients and other members of the community. The investment team comprises of Program Manager Nicole Rognes Olson, JD, CFP^®, Investment Executive Holly Miller, who has been with the center for 20 years, and fellow financial advisors Michael Castle, CFP^® and Arcon Concepcion. They are joined by office support members Carol A. Juhl and Bryan J. Lathrop.

First Citizens Investment Center turned to LPL to gain access to a wider range of digital solutions, provide clients with differentiated experiences and prepare for future growth. “By aligning with LPL, we now have access to innovative technology and a broad range of resources to enhance how we serve the diverse population of people who come through our doors,” Miller said. “We believe our investment center program is really taking off, and this move is the catalyst for that growth engine. With LPL’s size and scale, along with its advisor-centric culture, we are able to structure our business model in a way that truly supports our vision to serve generations of clients for years to come.”

Ken Hullings, LPL senior vice president and head of enterprise recruiting, said, “We extend a warm welcome to the entire team at First Citizens Investment Center, and are honored they chose LPL Institution Services as a strategic partner to support their future growth. As the demand for advice continues to rise, it is imperative for advisors to have access to a leading wealth management platform, innovative technology, strategic consultative support and dedicated service experience that can help them differentiate their business and bring more value to their clients and institutions. At LPL, we are deeply committed to investing in our advisors’ futures and providing them with robust business solutions designed to help them thrive.”

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 19,000 financial advisors, 800 institution-based investment programs and 450 independent 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.

** Top RIA custodian (Cerulli Associates, 2019 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S (Based on total revenues, Financial Planning magazine 1996-2021); No. 1 provider of third-party brokerage services to banks and credit unions (2020-2021 Kehrer Bielan Research & Consulting Annual TPM Report); Fortune 500 as of June 2021

*Based on prior business and represents assets that would have been custodied at LPL Financial, rather than third-party custodians. Reported assets and client numbers have not been independently and fully verified by LPL Financial.

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First Citizens Bank and First Citizens Investment Center are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using First Citizens Investment Center, and may also be employees of First Citizens Bank. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of First Citizens. Securities and insurance offered through LPL or its affiliates are:

• Not Insured by FDIC or Any Other Government Agency
• Not Bank Guaranteed
• Not Bank Deposits or Obligations
• May Lose Value

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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Media Contact:
Lauren Hoyt-Williams
(980) 321-1232
Lauren.Hoyt-Williams@lpl.com

FAQ

What is LPLA's recent acquisition news?

LPL Financial LLC has welcomed First Citizens Investment Center to its Institution Services platform, which previously managed approximately $235 million in assets.

How much in assets does First Citizens Investment Center manage?

First Citizens Investment Center reported managing about $235 million in brokerage, advisory, and retirement plan assets.

Who did First Citizens Investment Center partner with?

First Citizens Investment Center partnered with LPL Financial to enhance its service offerings and client experiences.

What type of services does First Citizens Investment Center provide?

First Citizens Investment Center provides wealth management, brokerage, and advisory services for bank clients and the community.

What benefits does LPL Financial offer to its advisors?

LPL Financial provides innovative technology, strategic support, and a wealth management platform to help advisors grow their businesses.