LPL Financial Welcomes Prosperity Investment Management

Rhea-AI Summary

LPL Financial announced that Prosperity Investment Management has joined LPL's broker-dealer, RIA and custodial platforms, bringing approximately $140 million in advisory, brokerage and retirement plan assets from Osaic. The Chico, California-based firm, founded by Robert Anderson and now led by his son RJ Anderson, offers investment management, financial planning, retirement planning, and estate planning services. The team chose LPL for its technology, scale, and service commitment, with Rob Anderson returning to LPL where he previously worked from 1990 to 2004.

Positive

• Acquired new advisory team with $140 million in assets
• Expanded presence in California market
• Demonstrates ability to attract established firms from competitors

Negative

• None.

SAN DIEGO, Nov. 14, 2024 (GLOBE NEWSWIRE) -- LPL Financial LLC, announced today that the financial advisors at Prosperity Investment Management have joined LPL Financial’s broker-dealer, RIA and custodial platforms. They reported having approximately $140 million in advisory, brokerage and retirement plan assets* and join LPL from Osaic.

Based in a renovated historic building in downtown Chico, Calif., Prosperity Investment Management was founded by seasoned financial advisor Robert “Rob” B. Anderson, CFP®. His son, RJ Anderson, CPA, joined the business in 2020 following an initial career in accounting and now leads the firm as a financial advisor. They offer a broad spectrum of financial services to individuals and business owners, including investment management, financial planning, retirement planning and estate planning.

“We are a holistic financial firm committed to helping people pursue their financial goals and life aspirations,” RJ said. “With my background as a CPA, we make sure to watch for tax implications. We understand it’s not just what you make but what you keep that’s important.”

As the financial services landscape continues to evolve, the team decided it was time to find a new strategic partner. They chose to move their business to LPL, which is a return for Rob, who worked with LPL from 1990 to 2004.

“With so much consolidation across the industry, we wanted to find a permanent home for the long term. We found that at LPL Financial,” RJ said. “We joined LPL because of its industry-leading technology, scale and commitment to service. Being able to serve our clients more effectively and make trades in a more efficient way will allow us to spend more time doing we do best: managing investments and guiding our clients toward their financial aspirations. We are excited to be part of the LPL family and look forward to a successful relationship.” 

Scott Posner, LPL Executive Vice President, Business Development, said, “At LPL, we’re committed to helping advisors develop their ideal practice by offering strategic business solutions, innovative technology and personalized support to help them create elevated experiences for clients. We extend a warm welcome to Rob and RJ and look forward to supporting Prosperity Investment Management for years to come.”

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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. Prosperity Investment Management and LPL are separate entities. LPL Financial does not offer tax advice or tax related service.

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 #654495

FAQ

How much in assets did Prosperity Investment Management bring to LPL Financial (LPLA)?

Prosperity Investment Management brought approximately $140 million in advisory, brokerage and retirement plan assets to LPL Financial.

When did Prosperity Investment Management join LPL Financial (LPLA)?

Prosperity Investment Management joined LPL Financial in November 2024, transitioning from Osaic.

Where is Prosperity Investment Management's office location after joining LPL Financial (LPLA)?

Prosperity Investment Management is based in a renovated historic building in downtown Chico, California.