Financial Resources Group, a Charlotte, N.C.-based office of supervisory jurisdiction, and Gladstone Wealth Group, a hybrid registered investment advisor in Chester, N.J., announced Thursday that the firms will merge on May 15. The combined entity will become the largest OSJ operating under LPL Financial’s corporate RIA, with over $24 billion in brokerage and advisory assets, over $141 million in annual revenue, 155 employees and 670 advisors.
Bruce Miller, founder of Financial Resources Group, and Richard Frick, CEO of Gladstone Wealth Group, told WealthManagement.com that Financial Resources’ 33-member staff, which prior to the merger served 80 financial institutions and 620 registered reps nationwide, will provide oversight, business consulting, marketing, training and tech support to the combined firm’s registered reps.
Gladstone, an RIA founded in 2013 that boasts 32 offices nationwide, helps advisors transition to independence by providing them help with compliance, marketing, human resources and administrative services.
Miller said Financial Resources targets financial institutions and advisors with $50 million to $100 million in assets under management. Gladstone focuses on advisors with $100 million in AUM, allowing the two to service complementary market segments, Frick said.
The merged entity plans to offer services across four advisory channels: reps at banks and credit unions, independent/institutional advisors, and independent advisors via either LPL’s corporate RIA or Gladstone’s RIA.