LPL Financial Welcomes Argosy Financial

Rhea-AI Summary

LPL Financial announced that Argosy Financial, led by James P. Norris, has joined LPL's broker-dealer, RIA and custodial platforms, transitioning from Centaurus Financial. The Arizona-based practice manages approximately $250 million in advisory, brokerage and retirement plan assets. Norris, who has over 20 years of experience and was previously affiliated with LPL, returns to the firm citing its robust technology and resources as key factors. The move aligns with LPL's growth strategy, as the firm currently supports more than 28,000 financial advisors and manages approximately $1.6 trillion in brokerage and advisory assets for 8 million Americans.

Positive

• Addition of $250 million in managed assets to LPL's platform
• Demonstrates ability to attract back former advisors, validating platform strength
• Contributes to LPL's growth strategy with $1.6 trillion in total assets under management

Negative

• None.

Insights

Financial Analyst

The addition of Argosy Financial, managing $250 million in assets, represents a modest but strategic win for LPL Financial's growth initiatives. While this acquisition alone isn't materially significant given LPL's $1.6 trillion in total assets under custody, it demonstrates continued success in advisor recruitment and retention. The return of a former advisor highlights LPL's competitive platform advantages and could signal positive momentum in attracting established practices. The deal reinforces LPL's position as a leading wealth management platform and its ability to compete effectively in the advisor-mediated marketplace. However, the immediate financial impact on LPL's bottom line will be minimal relative to its overall operations.

SAN DIEGO, Dec. 03, 2024 (GLOBE NEWSWIRE) -- LPL Financial LLC, announced today that financial advisor James P. Norris, MBA, APMA®, of Argosy Financial has joined LPL Financial’s broker-dealer, RIA and custodial platforms. He reported serving approximately $250 million in advisory, brokerage and retirement plan assets* and joins LPL from Centaurus Financial.

Based in Glendale, Ariz., Norris has more than 20 years of experience in financial services, specializing in investment management, client portfolio construction and retirement planning. He prides himself on developing personalized investment strategies for each client’s distinct needs, rather than using a templated approach.

With support from team members Michael O’Brien, Romy Quick and Sarah Norris, Argosy Financial is committed to providing clients with the highest level of service, operating with three values at top of mind: honesty, integrity and trust. “Without honesty, we cannot advise; without integrity we cannot put clients’ needs first; and without trust, we cannot survive,” Norris said.

Norris was a longtime LPL advisor in the past who left to become a successor for two retiring advisors. As his business continued to grow, Norris felt it was the ideal time to return to his roots and take advantage of LPL’s industry-leading capabilities.

“We are thrilled to be joining LPL Financial — in many ways, it feels like coming home,” Norris said. “LPL’s robust technology and resources will enable us to provide our clients with the best possible service and strategies. We appreciate all the customizable options and flexibility within the digital platform. We also expect considerable time savings that we can invest back into taking care of our clients.”

Scott Posner, LPL Executive Vice President, Business Development, said, “We extend a warm welcome to James and his team. It is great to have him back in the LPL community. As the industry continues to evolve at an accelerated pace, we remain steadfast in our commitment to deliver innovative capabilities and strategic resources designed to help advisors run thriving practices and bring added value to their clients. We look forward to supporting Argosy Financial for years to come.”

Related

Advisors, learn how LPL Financial can help take your business to the next level.

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 1,000 financial institutions, servicing and custodying approximately $1.6 trillion in brokerage and advisory assets on behalf of 8 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

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. 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 #662444

FAQ

How much in assets did Argosy Financial bring to LPL Financial (LPLA) in December 2023?

Argosy Financial brought approximately $250 million in advisory, brokerage and retirement plan assets to LPL Financial.

What is LPL Financial's (LPLA) current total assets under management?

LPL Financial currently services and custodies approximately $1.6 trillion in brokerage and advisory assets on behalf of 8 million Americans.

How many financial advisors does LPL Financial (LPLA) support as of December 2023?

LPL Financial supports more than 28,000 financial advisors and the wealth management practices of 1,000 financial institutions.