LPL Financial Welcomes Prestige Wealth Group
LPL Financial (Nasdaq: LPLA) announced that Prestige Wealth Group (PWG) has joined their broker-dealer, RIA and custodial platforms from Osaic. The team, led by managing partners Rich Galgano and Matt Geraci, serves approximately $540 million in advisory, brokerage and retirement plan assets. Based in Franklin Lakes, N.J., and Westchester, Pa., PWG focuses on high-net-worth clients, offering holistic financial planning services.
The transition to LPL was driven by the firm's advanced technology, strategic support, and dedication to advisor empowerment. LPL Financial currently supports over 28,000 financial advisors and approximately 1,200 financial institutions, managing about $1.7 trillion in brokerage and advisory assets for 6 million Americans.
LPL Financial (Nasdaq: LPLA) ha annunciato che Prestige Wealth Group (PWG) è entrato a far parte delle loro piattaforme di broker-dealer, RIA e custodia di Osaic. Il team, guidato dai soci amministratori Rich Galgano e Matt Geraci, gestisce circa 540 milioni di dollari in asset di consulenza, brokeraggio e piani pensionistici. Con sede a Franklin Lakes, N.J., e Westchester, Pa., PWG si concentra sui clienti ad alto patrimonio, offrendo servizi di pianificazione finanziaria olistica.
La transizione a LPL è stata guidata dalla tecnologia avanzata dell'azienda, dal supporto strategico e dalla dedizione all'emancipazione degli advisor. LPL Financial attualmente supporta oltre 28.000 consulenti finanziari e circa 1.200 istituzioni finanziarie, gestendo circa 1,7 trilioni di dollari in asset di brokeraggio e consulenza per 6 milioni di americani.
LPL Financial (Nasdaq: LPLA) anunció que Prestige Wealth Group (PWG) se ha unido a sus plataformas de corretaje, RIA y custodia de Osaic. El equipo, liderado por los socios administradores Rich Galgano y Matt Geraci, atiende aproximadamente 540 millones de dólares en activos de asesoría, corretaje y planes de jubilación. Con sede en Franklin Lakes, N.J., y Westchester, Pa., PWG se enfoca en clientes con alto patrimonio, ofreciendo servicios de planificación financiera holística.
La transición a LPL fue impulsada por la tecnología avanzada de la firma, el apoyo estratégico y la dedicación al empoderamiento de los asesores. LPL Financial actualmente apoya a más de 28,000 asesores financieros y aproximadamente 1,200 instituciones financieras, gestionando alrededor de 1.7 billones de dólares en activos de corretaje y asesoría para 6 millones de estadounidenses.
LPL Financial (Nasdaq: LPLA)은 Prestige Wealth Group (PWG)가 Osaic의 브로커-딜러, RIA 및 수탁 플랫폼에 합류했다고 발표했습니다. 리치 갈가노(Rich Galgano)와 맷 제라치(Matt Geraci)가 이끄는 팀은 약 5억 4천만 달러의 자문, 중개 및 퇴직 계획 자산을 관리하고 있습니다. 뉴저지주 프랭클린 레이크(Franklin Lakes)와 펜실베이니아주 웨스트체스터(Westchester)에 본사를 둔 PWG는 고액 자산 고객을 대상으로 포괄적인 재무 계획 서비스를 제공합니다.
LPL로의 전환은 회사의 첨단 기술, 전략적 지원 및 자문가 권한 부여에 대한 헌신에 의해 추진되었습니다. LPL Financial은 현재 28,000명 이상의 재무 고문과 약 1,200개 금융 기관을 지원하며, 600만 미국인을 위해 약 1.7조 달러의 중개 및 자문 자산을 관리하고 있습니다.
LPL Financial (Nasdaq: LPLA) a annoncé que Prestige Wealth Group (PWG) a rejoint ses plateformes de courtage, RIA et de garde d'Osaic. L'équipe, dirigée par les partenaires de gestion Rich Galgano et Matt Geraci, gère environ 540 millions de dollars d'actifs en conseil, courtage et plans de retraite. Basée à Franklin Lakes, N.J., et Westchester, Pa., PWG se concentre sur les clients fortunés, offrant des services de planification financière globale.
La transition vers LPL a été motivée par la technologie avancée de l'entreprise, le soutien stratégique et l'engagement en faveur de l'autonomisation des conseillers. LPL Financial soutient actuellement plus de 28 000 conseillers financiers et environ 1 200 institutions financières, gérant environ 1,7 trillion de dollars d'actifs en courtage et en conseil pour 6 millions d'Américains.
LPL Financial (Nasdaq: LPLA) hat angekündigt, dass Prestige Wealth Group (PWG) ihren Broker-Dealer-, RIA- und Verwahrplattformen von Osaic beigetreten ist. Das Team, geleitet von den geschäftsführenden Partnern Rich Galgano und Matt Geraci, betreut etwa 540 Millionen Dollar in Beratungs-, Brokerage- und Pensionsplanvermögen. Mit Sitz in Franklin Lakes, N.J., und Westchester, Pa., konzentriert sich PWG auf wohlhabende Kunden und bietet umfassende Finanzplanungsdienstleistungen an.
Der Übergang zu LPL wurde durch die fortschrittliche Technologie des Unternehmens, strategische Unterstützung und das Engagement für die Empowerment von Beratern vorangetrieben. LPL Financial unterstützt derzeit über 28.000 Finanzberater und etwa 1.200 Finanzinstitute und verwaltet etwa 1,7 Billionen Dollar in Brokerage- und Beratungsvermögen für 6 Millionen Amerikaner.
- Addition of $540 million in managed assets to LPL's platform
- Expansion of LPL's advisor network in strategic Northeast markets
- Continued growth in high-net-worth client segment
- None.
Insights
The acquisition of Prestige Wealth Group, managing
PWG's emphasis on serving high-net-worth clients could generate higher revenue per advisor and potentially better margins compared to mass-market focused practices. The deal demonstrates LPL's continued ability to attract substantial practices through its technology platform and operational scale, though its immediate financial impact will be minimal given LPL's size.
The addition of PWG exemplifies the ongoing consolidation trend in the wealth management industry, where smaller practices increasingly seek larger platforms offering enhanced technology and operational support. LPL's success in attracting teams from competitors highlights its strong value proposition in the independent advisor space. The firm's recent recruiting momentum and growing market share in the RIA custody business suggests its platform investments are resonating with advisors.
PWG's transition reflects a broader industry shift where advisory practices are becoming more selective with their target clientele, focusing on higher-value relationships rather than pursuing volume. This strategic approach typically leads to better client retention and more stable revenue streams, benefiting both the practice and the platform provider.
SAN DIEGO, Dec. 12, 2024 (GLOBE NEWSWIRE) -- LPL Financial LLC (Nasdaq: LPLA) announced today that the advisors of Prestige Wealth Group (PWG), led by managing partners Rich Galgano, CFP®, and Matt Geraci, CFP®, have joined LPL Financial’s broker-dealer, RIA and custodial platforms. They reported serving approximately
Headquartered in Franklin Lakes, N.J., and Westchester, Pa., Prestige Wealth Group was established in 2007 by Mark Fleksher, who remains with the team as a consultant. The firm’s managing partners, Galgano and Geraci, were hockey teammates in college and have worked together since 2020 to exponentially grow their practice organically and through acquisitions. They are joined by team members Chris Rich, Paul Goldman and Alan Concha, CFP®. Together, they are committed to providing steadfast services and holistic financial plans that address the unique goals and complexities of each client’s financial situation.
“Every advisor on our team has a true passion for helping guide clients toward their financial aspirations and ambitions,” Geraci said. “We offer advanced services for all phases of a person’s financial journey, and in recent years we’ve shifted our practice to focus on affluent clients in the high-net-worth space. We want to be everything to a select few, instead of something to everyone.”
Their move to LPL followed an extensive search for a new firm where they can grow and deliver more value to their range of high-net-worth clients.
“Our decision to align with LPL was based on the firm's advanced technology, strategic support and dedication to empowering advisors to deliver optimal client experiences,” Galgano said. “We appreciate that LPL gives us stability and scale as a Fortune 500 company, along with the autonomy to serve clients as we see fit. With smoother processes and an upgrade in the ease of doing business, we are confident that our business and clients will be set up for more continued success.”
Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome Rich, Matt and the entire PWG team to LPL. We’re committed to providing advisors with innovative capabilities and differentiated service experiences so they can run efficient, productive and client-centered businesses. We look forward to supporting Prestige Wealth Group today and into the future by offering choice and flexibility in how they do business.”
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About LPL Financial
LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports more than 28,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately
Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker dealer, member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States. Prestige Financial Group 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.
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