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LPL Financial

Iowa Advisory Team With $350 Million in Assets Joins LPL Financial

GreenState Wealth Management will partner with LPL's Institution Services platform and align with Financial Resources Group Investment Services.

The wealth management division of Iowa-based GreenState Credit Union will join LPL Financial, with five advisors coming from a previous affiliation with Cambridge Investment Research, and a sixth joining from Royal Alliance. 

The team, which manages about $350 million in brokerage, advisory and retirement plan assets, will join with the Institution Services platform at LPL and will be aligned with Financial Resources Group Investment Services, according to LPL Financial. GreenState President and CEO Jeff Disterhoft said the company’s wealth management division was attracted to LPL due to its fintech offerings and client-first approach.

“The Financial Resources Group partnership enhances the value LPL provides and creates a win-win for GreenState Wealth Management and the members we serve,” Disterhoft said. “Over their 10-year track record, the talent they have been able to attract is impressive. We look forward to a long and mutually-beneficial partnership.”

GreenState Credit Union was formed in 1938 and is Iowa’s largest financial cooperative, with more than 230,000 members and about $7 billion in assets. The partnership with LPL and Financial Resources Group will now offer GreenState’s wealth management team access to thousands of investment products. Rich Steinmeier, LPL Financial’s managing director and divisional president, business development, said LPL’s Institution Services model would be well equipped to meet GreenState’s needs.

“We are a partner with scale that is committed to investing in integrated technology and robust resources designed to help advisors and institutional partners enhance their business and win in the marketplace,” he said.

Financial Resources Group Investment Services is one of LPL’s large offices of supervisory jurisdiction (OSJ). In August, a Minnesota-based advisory team with $150 million in managed assets moved from Lincoln Financial Advisors to LPL, joining Financial Resources Group.

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