LPL Financial LLC added another registered investment advisor to its hybrid broker-dealer platform, this time landing Palmetto Investment Consultants, a Rock Hill, S.C. firm with $135 million of assets under management.
Palmetto will provide fee-based services though Independent Advisor Alliance, LPL’s hybrid RIA that serves the Carolinas. As with previous RIAs joining LPL, executives at Palmetto named LPL’s technology, research and integration with LPL’s self-clearing platform as reasons for joining the hybrid model.
“In addition, with IAA headquartered nearby in Charlotte, we look forward to enjoying the personalized service and support that kind of proximity can provide,” said Palmetto co-founder John Black, an industry veteran with 20 years experience in financial services. “We are also in the unique position of being just down the road from LPL’s current Charlotte offices and its future Fort Mill, S.C. campus, and we appreciate that we are affiliating with a locally-based firm.”
On Sept. 22, activist hedge fund Marcato Capital Management purchased 6.3 percent of the LPL parent company, LPL Financial Holdings. In a filing with the Securities and Exchange Commission, Marcato CEO and founder Richard McGuire said he might consider changes to LPL’s business and strategies, including it’s approach to mergers-and-acquisitions.