LPL Financial Welcomes Northern Plains Financial

Rhea-AI Summary

LPL Financial has announced that Northern Plains Financial has joined its broker-dealer, RIA, and custodial platforms. The firm, based in Grand Forks, N.D., reported serving approximately $225 million in advisory, brokerage, and retirement plan assets. Founded in 2014 by Michael Elsberry, CFP®, CRPC®, the team includes Eric Carlson and support staff. They offer financial planning and investment management services, with a niche in serving farmers, ranchers, and outdoor enthusiasts.

Northern Plains Financial chose LPL for its extensive resources, custom solutions, and differentiated service experiences. They anticipate benefits from LPL's self-clearing platform, consolidated client statements, and user-friendly online tools. The move is expected to enhance their ability to provide high-level service and manage investments efficiently.

Positive

• Northern Plains Financial brings $225 million in assets to LPL Financial
• LPL's platform expected to improve efficiency in account openings and discretionary trading
• Addition of Northern Plains Financial strengthens LPL's presence in the farming and ranching community

Negative

• None.

SAN DIEGO, Sept. 09, 2024 (GLOBE NEWSWIRE) -- LPL Financial LLC, announced today that financial advisors with Northern Plains Financial have joined LPL Financial’s broker-dealer, RIA and custodial platforms. They reported serving approximately $225 million in advisory, brokerage and retirement plan assets* and join LPL from Cetera.

Based in Grand Forks, N.D., the firm was founded in 2014 and is led by Michael Elsberry, CFP^®, CRPC^®, who has nearly 20 years of experience in financial services. In 2021, he was joined by his lifelong friend and fellow advisor Eric Carlson, who worked in commercial banking for 13 years before transitioning to financial advising. Together, they offer a full spectrum of financial planning and investment management services, with a niche serving those in the farming and ranching community, as well as business owners who love to hunt and fish.

“I enjoy working with folks who share my passion for the outdoors,” said Elsberry, an avid hunter who also raises mule deer for breeding stock. “It’s been rewarding to cultivate meaningful relationships with clients over the years as they pursue their version of financial freedom. We’ve found that our holistic approach to financial planning empowers clients to realize their unique financial goals through the implementation of tailored strategies.”

The Northern Plains Financial team, which also includes Branch Operations Manager Jerrilyn D. Walstad and support staff members Amy Nygaard and Jamie Blodgett, turned to LPL for more extensive resources, custom solutions and differentiated service experiences.

“In our quest for a partner that mirrors our commitment to providing exceptional experiences and putting clients’ best interests first, LPL emerged as the clear choice,” Elsberry said. “We are thrilled to be part of the LPL family and to offer our clients the extensive resources and support that come with it. We believe that LPL’s self-clearing platform, consolidated client statements and user-friendly online tools will greatly benefit our clients.”

Elsberry added speed and efficiency were key considerations when searching for a new partner, which they found in the LPL platform.

“We look forward to quicker return times for tasks like account openings,” he added. “And since we manage our own investments—including designing, monitoring and rebalancing client portfolios—having one platform to allow us to do discretionary trading will be very helpful. Ultimately, this move will allow us to provide our clients with the highest level of service.”

Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome Michael, Eric and the rest of the Northern Plains Financial team to the LPL community and look forward to supporting their continued growth and success. As a partner with scale, LPL invests in innovative capabilities and strategic resources designed to help advisors differentiate their business and add value for their clients.”

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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 more than 23,000 financial advisors, including advisors at approximately 1,000 institutions and at approximately 580 registered investment advisor 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. Northern Plains Financial and LPL 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.

Media Contact: 
Media.relations@LPLFinancial.com 
(704) 996-1840

Tracking #622318

FAQ

How much in assets did Northern Plains Financial bring to LPL Financial (LPLA)?

Northern Plains Financial reported serving approximately $225 million in advisory, brokerage, and retirement plan assets when joining LPL Financial.

What specific services does Northern Plains Financial offer after joining LPL Financial (LPLA)?

Northern Plains Financial offers a full spectrum of financial planning and investment management services, with a niche focus on serving those in the farming and ranching community, as well as business owners who enjoy hunting and fishing.

Why did Northern Plains Financial choose to join LPL Financial (LPLA) in September 2024?

Northern Plains Financial joined LPL Financial for its more extensive resources, custom solutions, differentiated service experiences, self-clearing platform, consolidated client statements, and user-friendly online tools. They also cited improved speed and efficiency in tasks like account openings and discretionary trading as key factors.