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LPL Financial

LPL Attracts $1 Billion Firm to Custody Platform

LPL Financial has recruited a newly formed registered investment advisor, StreamSong Advisors in Grand Rapids, Mich., to its RIA custodian platform. The firm, founded by Thomas Braun, has $1.2 billion in assets under management. Since 2007, LPL has grown its custody platform to $78 billion in client assets as of June 2014.

StreamSong is comprised of two advisors, a client portfolio manager and a specialist in financial, tax, business succession and estate planning and two administration staff. Braun and the firm’s Chief Compliance Officer Bob Boesiger were previously with Fifth Third Bank.

The firm’s sweet spot is clients with between $500,000 to $2 million in investable assets, a segment they believe is underserved. The team currently serves high-net-worth families, but plans to expand its services to private clients and ultra-high-net-worth families.

“We were impressed by the quality of [LPL’s] technology, its investment research and the particular high-net-worth capabilities that LPL has developed with its Fortigent division,” Braun said in a statement.

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